Here - PT. Bumi Teknokultura Unggul Tbk

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DAFTAR ISI
TABLE OF CONTENT
02 IDENTITAS PERUSAHAAN RESPONSIBILITY
02 •V isi Misi Vision Mission
03. IKHTISAR KEUANGAN FINANCIAL HIGHLIGHTS
03 • R atio Keuangan Financial Ratio
04 • G rafik Graphic
06 LAPORAN DEWAN KOMISARIS BOARD OF COMMISSIONER REPORT
09
13
15
16
20
24
LAPORAN DIREKSI DIRECTOR REPORT
• P rofil Per usahaan Company Profile
• S tr uktur Organisasi Organizational Structure
•P rofil Dewan Komisaris Board of Commissioner Profile
• P rofil Direksi Board of Director Profile
•S tr uktur Kelompok Usaha Business Group Structure
25 ANALISA & PEMBAHASAN MANAJEMEN ANALYSIST & MANAGEMENT VIEW
30
36
36
40
41
TATA KELOLA PERUSAHAAN GOOD CORPORATE GOVERNANCE
• S ekretaris Per usahaan Corporate Secretar y
• K omite Audit Audit Committee
•S umber Daya Manusia Human Resources
• R esiko Usaha Business Risk
42 TANGGUNG JAWAB SOSIAL PERUSAHAAN CORPORATE SOCIAL
RESPONSIBILITY
47 LAPORAN KEUANGAN FINANCIAL REPORT
Annual Report
PT Bumi Teknokultura Unggul Tbk
1
IDENTITAS PERUSAHAAN
Company Identity
Nama Perusahaan Company Name : PT Bumi Teknokultura Unggul Tbk.
Tipe Perusahaan Company Type : Perseroan Terbatas Limited Liability Companies
Tanggal Berdiri Established on : 6 Juni 2001 June 6, 2001
Akta Notaris Rusman, S.H., Notaris pengganti Elliza Asmawel, S.H., No. 12 dan diubah dengan Akta Notaris Elliza Asmawel, S.H., No. 10
tanggal 5 Maret 2002. Akta pendirian tersebut telah disahkan oleh Menteri Kehakiman dan Hak Asasi Manusia Republik Indonesia melalui
Surat Keputusan No. C-06880. HT.01.01.TH.2002 tanggal 23 April 2002 dan telah didaftarkan di Kantor Pendaftaran Perusahaan Kota
Madya Jakarta Selatan No.880/BH.09.03/V/2002 tanggal 7 Mei 2002, serta telah diumumkan dalam Berita Negara Republik Indonesia
No. 80 tambahan No. 9565 tanggal 7 Oktober 2003. Anggaran dasar Perusahaan telah mengalami beberapa kali, terakhir dengan akte
notaris dari Desman, S.H., M.Hum., M.M., No 48 tanggal 9 Juni 2015
Notarial Deed Rusman, SH, substitute of Notary Elliza Asmawel, SH, No. 12 and amended by Notarial Deed Elliza Asmawel, SH, No. 10
dated 5 March 2002. The establishment deed was approved by the Minister of Justice and Human Rights of the Republic of Indonesia
through Decree No. C-06880. HT.01.01.TH.2002 23 April 2002 and was registered at the Company Registration Office in the Municipality
of South Jakarta 880 / BH.09.03 / V / 2002 dated 7 May 2002, and was published in the State Gazette of the Republic of Indonesia No.
Additional No. 80 9565 dated 7 October 2003. The Articles of Association has been amended several times, most recently by notarial
deed of Desman, SH, M. Hum., M.M., No. 48 dated 9 June 2015
Bidang Usaha : Pembalakan Kayu, Tanaman Hias dan Tanaman Potong
fields of bussines: logging, ornamental plants and cut plants
Produk Dan Jasa Yang Dihasilkan: Kayu Bulat, Jasa Pembalakan Kayu, Tanaman Hias
Product and services : logg, logging service
Alamat: Rukan Komplek Permata Senayan Blok E No 38, Jl. Tentara Pelajar - Jakarta Selatan. Tel. : 6221-5300700 Fax. : 6221-53653136. Email : [email protected]. Website : www.btek.co.id
located at Rukan Permata Senayan Complex, Block E No. 38 Jl. Tentara Pelajar South Jakarta 12210, while the location of business
activities in Jl. Raya Otonom, Pasar Kemis, Cikupa, Tangerang. The Company started doing commercial operations in June 2001
Kode Saham Code shares: BTEK
Visi Misi Vision Mission
Visi Vision
Misi Mission
• Memenuhi dan mendukung pelestarian lingkungan dan
plasma nutfah dengan membangun serta mengisi industri
bibit unggulan dalam mendorong dan menghijaukan
kembali pembangunan yang berkelanjutan secara utuh
dengan menghasilkan bahan tanaman berkualitas prima
dan dapat memberikan peran optimal untuk memperkuat
perekonomian nasional.
• Menjadi perusahaan bioteknologi nasional yang mampu
memproduksi tanaman unggulan yang berkualitas dan
bernilai yang dapat dibutuhkan secara ekonomis dan
menguntungkan secara komersial. .
• To meet and support environmental conservation
and germplasm by seed industry to build and fill the
preeminent in encourag ing and redevelopment of fully
sustainable by producing excellent quality plant material
and provide an optimal role for strengthening the national
economics.
• Menjadikan/menciptakan
unit-unit
pengelolaan
kehutanan yang berkelanjutan serta memasok secara
berkesinambungan kayukayu berkualitas premium kepada
konsumen hilir melalui praktek- praktek manajemen riset
dan pengembangan.
• To lead a sustainable forestry estate management
units and continuously supply the preferred woods
to downstream consumers through research and
development management practices
2
Laporan Tahunan 2015
• Being a national biotechnology company that is able to
produce plants of superior quality and value needed to be
economically and commercially profitable
• Pengembangan unit-unit pengelolaan ke hutanan yang
beragam kedalam satu kesatuan pengelolaan kehutanan
yang terintegrasi dan berkelanjutan.
• Developing multi forest management units into integrated
sustainable estates.
• Secara terus menerus dan berkesinambungan membangun
kekuatan kompetitif dan peluang usaha untuk menjadi
pemimpin didalam bidang pembibitan dan kehutanan.
• Continuous and sustaining building competitive strengths
and business opportunities to become leader in the field of
plant breeding and forestry.
Ikhtisar Data Keuangan
Financial Highlights
Ratio Keuangan Financial Ratio
Laporan Posisi Keuangan
Statement of Financial Positions
(dalam Jutaan Rupiah)
Uraian
(in million of Rupiah)
31 Desember / December 31
2015
2014
2013
Descriptions
OPERASI HASIL USAHA
Pendapatan
Beban Pokok Penjualan
Laba Kotor
Laba Operasi
Laba (Rugi) Sebelum Pajak
Laba (Rugi) Komprehensif
49,116,023
43,386,541
46,980,927
Revenue
-34,551,752
-34,118,317
-42,043,814
Cost of Goods Sole
14,564,272
9,268,225
4,937,113
Gross Profit (Loss)
1,469,601
-1,789,220
-284,489
Income (Loss) from Operation
269,378
-2,931,696
2,247,114
Loss Before Income Tax Benefit
1,108,230
-2,872,769
2,301,480
Total Comprehensive Income (Loss)
Laba (Rugi) Kompehensif tahun
berjalan yang diatribusikan kepada
- entitas induk
- Kepentingan non pengendali
Laba (Rugi) persaham
Total Comprehensive Income (Loss)
for the year attributable to
1,271,477
-2,291,307
-163,247
-581,462
1
-2.60
2,301,480
Owners of the Parent
2.09
Earning (Loss) pershare
Non controlling interest
POSISI KEUANGAN
Aset Lancar
90,851,677
43,802,850
19,600,088
Current Assets
Aset Tidak Lancar
404,538,766
399,243,619
348,813,578
Non-Current Assets
Total Aset
495,390,443
443,046,469
368,413,666
Total Assets
Liabilitas Jangka Pendek
185,468,484
154,586,350
138,984,707
Current Liabilities
Liabilitas Jangka Panjang
230,039,382
209,685,772
147,781,842
Non-Current Liabilities
Total Liabilitas
415,507,866
364,272,122
286,766,549
Total Liabilities
79,882,577
78,774,347
81,647,117
Total Equity
29.65%
21.36%
10.51%
Gross Profit Margin
2.26%
-6.62%
4.90%
Net Profit Margin
48.98%
28.34%
14.10%
Current Ratio
Total Ekuitas
RASIO KEUANGAN
Margin Laba Kotor
Margin Laba Komprehensif
Rasio Lancar
rasio Total Utang Terhadap Modal (x)
5.20
5.62
4.51
Debt to Equity Ratio (x)
Rasio Total Utang terhadap Aset (x)
0.84
0.82
0.78
Debt to Assets Ratio (x)
Catatan: Data Posisi Keuangan 2013 dan 2014 setelah
penyesuaian transisi PSAK 24
Notes: Financial Position Data for 2013 and 2014 After the
transition adjustment to PSAK 24
Annual Report
3
Grafik Graphic
Pendapatan
1. Kayu Bulat
2015
2013
32,919,563,030
44,947,972,036
2014
16,485,256,752
2. Jasa Pembalakan Kayu
2015
14,646,377,915
2014
26,901,284,483
3.Tanaman
2015
2013
2,032,955,000
4
1,550,082,431
Laporan Dewan Komisaris
Board of Commissioner Report
Para Pemegang Saham dan Pemangku Kepentingan
yang Terhormat,
Honorable Shareholders and Stakeholders,
Kondisi ekonomi dunia dalam beberapa tahun terakhir
masih dalam tahap pemulihan sejak krisis global beberapa
tahun lalu. Dampak krisis tersebut tidak sepenuhnya
berpengaruh terhadap perekonomian domestik yang
masih stabil dan kondusif. Hal ini menjadi peluang dan
keuntungan yang harus diraih oleh Perseroan untuk
mencapai kinerja yang maksimal. Merupakan sebuah
kebanggaan bagi Perseroan, ketika seluruh pemangku
kepentingan terkait mampu merasakan manfaat dan
kualitas kehidupan yang lebih baik.
The world economic condition in recent years is still in
the recovery stage since the global crisis a few years ago.
The impact of the crisis did not fully affect the domestic
economy which is still stable and conducive. It is then an
opportunity and advantage to be grasped by the Company
to achieve maximum performance. It is an honor for
the Company, when all stakeholders are able to feel the
benefits and better quality of life.
Sepanjang 2015, Dewan Komisaris telah melaksanakan
tugas pengawasan terhadap kebijakan, mekanisme
pengelolaan dan operasional Perseroan, serta pemberian
arahan dan masukan kepada Direksi. Laporan Dewan
Komisaris ini berisikan pandangan kami terhadap kinerja
Perseroan pada para komite di bawah Dewan Komisaris,
prospek usaha serta langkah Perseroan ke depan.
Throughout 2015, the BOC has performed oversight of the
policies, mechanism of the management and operation of
the Company, as well as provided guidance and advice
to the Board of Directors. This BOC's report contains
our views on the performance of the Company on the
committees under the Board of Commissioners, as well
as the business prospects of the Company.
Annual Report
5
PENILAIAN ATAS KINERJA DIREKSI
Kami bersyukur bahwa Perseroan terus tumbuh secara
konsisten dalam beberapa tahun terakhir. Secara umum
industri perkayuan kurang mengalami dampak yang
signifikan terkait dengan dinamika ekonomi makro, hal ini
disebabkan bahwa pemain dalam industri perkayuan relatif
sedikit dibandingkan dengan permintaan pasar. Namun
bukan berarti industri ini tanpa risiko. Selain faktor cuaca
yang kurang dapat diprediksi, persaingan juga semakin
ketat, baik dari pemain lokal maupun dari mancanegara.
PERFORMANCE ASSESSMENT OF THE BOARD OF
DIRECTORS
We are grateful that the Company continues to grow
consistently in recent years. In general, the timber
industry experience a less significant impact associated
with macro-economic dynamics, it is because that the
number of players in the timber industry is relatively small
compared with the market demand. But that does not
mean the industry is without risk. In addition to weather
factor is becoming less predictable, competition is also
getting tougher, both from local and overseas players.
Sementara isu lingkungan pun menjadi hal yang harus
diperhatikan. Manajemen tetap selalu memperhatikan
konsep “Go Green” dalam menjalankan aktivitas Perseroan
maupun entitas anak, dan berkomitmen untuk memberikan
kontribusi lingkungan yang baik.
In addition, environmental issues has also beco e a
matter that must be considered. Management always
pay attention to the concept of "Go Green" in running
the activities of the Company and its subsidiaries, and is
committed to contribute to a better environment.
Dewan Komisaris berpandangan bahwa prospek usaha
di bidang bioteknologi pertanian yang disusun dan
dilaksanakan oleh Direksi secara garis besar telah selaras
dengan rencana, arah dan tujuan Perseroan. Hal ini juga
didukung dengan kondisi perekonomian nasional dan
perkembangan bisnis yang kondusif.
BOC believes that business prospects in the field of
agricultural biotechnology that are formulated and
implemented by the Board of Directors generally align
with the plans, direction and objectives of the Company.
This is also supported by the condition of the national
economy and the development of a conducive business.
IMPLEMENTASI TATA KELOLA PERUSAHAAN YANG
BAIK
IMPLEMENTATION
GOVERNANCE
Bagi kami penerapan prinsip-prinsip GCG sangat penting
agar segenap keputusan dilakukan dengan penuh
tanggung jawab. Oleh karena itu, sebagai Perusahaan
Terbuka, tentunya kami selalu meminta manajemen
untuk menempatkan penerapan prinsip-prinsip tersebut
secara lebih baik dengan selalu memenuhi ketentuan
atau peraturan Perundang-undangan yang berlaku, serta
menerapkan sistem operasional yang lebih efektif dan
dapat diandalkan dalam penyediaan informasi yang tepat
waktu.
For us the implementation of good corporate governance
principles is very important and that all decisions should
be made in a responsible manner. Therefore, as a public
company, of course, we always ask the management to
prioritise the implementation of these principles by always
complying to the regulatory legislation in force, as well as
implementing an operational system that is more effective
and reliable in the provision of appropriate and timely
information.
Selama ini, kerja sama antara Dewan Komisaris dengan
komite-komite yang di bawahnya berlangsung sangat baik,
dan tidak terdapat kendala, oleh karenanya Komisaris tetap
berkomitmen membina hubungan yang harmonis dengan
Direksi dan komite-komite yang berada dibawahnya serta
menjalankan sistem komunikasi yang baik dan bersahabat.
During this time, the cooperation between the Board of
Commissioners with the committees is going very well with
no obstacle, therefore, the Commissioners remain committed
to fostering a harmonious relationship with the Board of
Directors and committees as well as running a good and friendly
communication system.
PENGEMBANGAN SDM
HUMAN RESOURCES DEVELOPMENT
Memiliki SDM yang andal dan berintegritas tinggi sebagai
salah satu aset (capital) perusahaan merupakan salah satu
faktor utama perkembangan bisnis PT Bumi Teknokultura
Unggul Tbk. Kami menginvestasikan waktu dan energi
lebih besar guna membentuk sistem human capital yang
Having a reliable human resources with high integrity is one
of the assets (capital) of the Company in the development
of PT Bumi Teknokultura Unggul Tbk. We invest more time
and energy to build a proper system of human capital.
Effective and efficient management system will bear
6
OF
GOOD
CORPORATE
tepat. Sistem manajemen yang efektif dan efisien akan
melahirkan individu-individu yang berkompetensi tinggi
untuk ditempatkan pada posisi-posisi strategis. Selain
sistem yang terkelola dengan baik, DSN menerapkan
program pelatihan SDM yang terintegrasi untuk
menghasilkan kinerja prima dan berkesinambungan,
sehingga peluang pertumbuhan yang berkelanjutan dapat
diraih dengan maksimal.
competent individuals to be placed in strategic positions.
In addition to a well-managed system, DSN implements
an integrated HR training programs to produce continuous
excellent performance, so the chances of sustainable
growth can be achieved maximally.
PENILAIAN ATAS KINERJA KOMITE-KOMITE YANG
BERADA DIBAWAH DEWAN KOMISARIS
PERFORMANCE
ASSESSMENT
OF
COMMITTEES
UNDER
THE
BOARD
COMMISSIONERS
Dalam menjalankan fungsinya, Dewan Komisaris dibantu
oleh Komite Audit. Dewan Komisaris berpendapat bahwa
Komite Audit telah menjalankan tugas dan kewajibannya
dengan baik. Komite Audit telah melaksanakan tugas
dan tanggung jawab yang dibebankan sesuai dengan
rencana kerja. Selain melaksanakan fungsi utama yang
telah berjalan dengan semestinya, Komite Audit juga
telah menyusun rencana peningkatan kinerja pada masa
mendatang serta menyempurnakan pelaksanaan sistem
dan prosedur kerja yang mendukung kinerja Perseroan
secara keseluruhan.
In carrying out its functions, the Board of Commissioners
is assisted by the Audit Committee. BOC is in the opinion
that the Audit Committee has performed their duties
and responsibilities well. The Audit Committee has been
carrying out the duties and responsibilities imposed in
accordance with the work plan. Besides executing the
main function which has been running properly, the Audit
Committee has also devised a plan to boost performance
in the future and to enhance the implementation of system
and work procedures that support the Company's overall
performance.
TANGGUNG JAWAB SOSIAL PERUSAHAAN
CORPORATE SOCIAL RESPONSIBILITY
Bagi kami, tanggung jawab sosial atau Corporate Social
Responsibility (CSR) merupakan bagian yang terintegrasi
dalam pelaksanaan strategi dan kebijakan Perseroan. Oleh
karena itu, kami senantiasa mendukung Direksi dalam
melaksanakan program-program CSR dengan pendekatan
pemberdayaan masyarakat dan pertumbuhan yang
berkelanjutan.
For us, social responsibility or Corporate Social
Responsibility (CSR) is an integral part of the
implementation of the strategies and policies of the
Company. Therefore, we continue to support the Board of
Directors in carrying out CSR programs with community
empowerment approach and sustainable growth.
Secara konsisten, kami telah melaksanakan rangkaian
program CSR yang berorientasi jangka panjang. Melalui
filosofi ini, masyarakat sekitar tidak sekadar menerima
bantuan yang hanya memberikan manfaat sesaat, tetapi
juga memeroleh pengetahuan dan kesempatan untuk
belajar menjadi kelompok manusia mandiri dan produktif,
sehingga dapat menciptakan dampak yang positif bagi
sesamanya.
Consistently, we have carried out a series of CSR programs
that are long-term oriented. Through this philosophy, the
community does not just accept the help that benefit
only for a moment, but also acquiring the knowledge and
opportunity to learn to be independent and productive
groups of people, so that they can make a positive impact
for others.
Dengan penerapan rangkaian program CSR tersebut,
Perseroan telah berhasil menjadikan masyarakat sekitar
sebagai mitra yang setara. Perkembangan hubungan
kami dengan masyarakat ditunjukkan melalui kegiatan
operasional Perseroan positif dan membangun sepanjang
2015.
With the implementation of a series of CSR program, the
Company has succeeded in making the local community
as equal partners. The development of our relationship with
the community through the operations of the Company
demonstrated is proven as positive and constructive
throughout 2015.
Annual Report
THE
OF
7
PERUBAHAN KOMPOSISI DEWAN KOMISARIS
Pada 2015, Perseroan tidak melakukan perubahan
terhadap susunan anggota Dewan Komisaris.
CHANGES IN COMPOSITION OF THE BOARD OF
COMMISSIONERS
In 2015, the Company did not make any changes to the
composition of the Board of Commissioners.
PENUTUP
CLOSING
Dewan Komisaris optimis bahwa Perseroan akan mampu
terus meningkatkan kinerja dengan terus bekerja keras dan
menerapkan prinsip-prinsip GCG secara konsisten. Dewan
Komisaris mengamanatkan agar Direksi dan karyawan
dapat bekerjasama secara sinergis dengan seluruh
pemangku kepentingan guna mempersembahkan kinerja
prima.
BOC is optimistic that the Company will be able to
continue to improve performance by continuing to work
hard and apply the principles of GCG consistently. BOC
mandates that the Board of Directors and employees to
work in synergy with all stakeholders in order to present
excellent performance.
Kami mengucapkan terima kasih kepada Direksi dan
segenap karyawan atas kerja keras yang telah ditunjukkan
sepanjang 2015. Kepada segenap mitra kerja, kami juga
menyampaikan penghargaan yang setinggi-tingginya atas
kerjasama yang telah terjalin dengan baik. Terima kasih
kami ucapkan kepada semua pemegang saham yang telah
memberikan kepercayaannya kepada Perseroan, kepada
Direksi atas kinerjanya selama 2015, kepada seluruh
karyawan atas dedikasi dan kerja kerasnya, serta kepada
rekan bisnis atas dukungannya kepada Perseroan selama
ini.
We would like to thank the Board of Directors and all
employees for their hard work which has been shown
throughout 2015. To all partners, we also express our
highest appreciation for the cooperation that has been
established. Our thanks to all the shareholders who have
placed their confidence in the Company, to the Board of
Directors for their performance in 2015, to all employees
for their dedication and hard work, as well as to the
business partners for their support to the Company over
the years.
Semoga Tuhan senantiasa membimbing kita semua.
May God continue to guide us all.
Anne Patricia Sutanto
Komisaris Utama
President Commissioner
8
Laporan Direksi
Director Report
Para Pemegang Saham dan Pemangku Kepentingan
yang Terhormat,
Honorable Shareholders and Stakeholders,
Pertama-tama kami panjatkan syukur ke hadirat Tuhan
Yang Maha Kuasa atas segala karunia dan berkat-Nya
sehingga di tengah situasi yang kurang menguntungkan di
sepanjang tahun 2015, Perseroan masih dapat mengambil
tindakan-tindakan strategis guna mengembalikan trend
pendapatan ke arah yang positif.
First of all we give thanks to the presence of the Almighty
God for all His gifts and blessings so that in the middle of
the unfavorable situation in year 2015, the Company was
still able to take measures to restore the strategic revenue
trend in a positive direction.
Perubahan dan dinamika bisnis di dalam dan luar negeri
merupakan salah satu tantangan kami dalam meningkatkan
dan mempertahankan pertumbuhan Perseroan. Kami
senantiasa menyempurnakan kinerja dengan menerapkan
berbagai aspek penting seperti pengembangan Sumber
Daya Manusia (SDM), program berkelanjutan dalam
tanggung jawab sosial perusahaan, serta program
lainnya guna menapak kemajuan yang berarti dan meraih
kepercayaan seluruh pemangku kepentingan.
Changes and business dynamics locally and abroad
is one of our challenges in improving and maintaining
the Company's growth. We continuously improve
performance by implementing various important aspects
such as the development of Human Resources (HR), an
ongoing program in corporate social responsibility, as
well as other programs in order to tread the significant
progress and gain the trust of all stakeholders.
Tahun 2015 diwarnai dengan berbagai kebijakan
strategis yang ditujukan untuk menciptakan pertumbuhan
berkelanjutan dalam industri berbasis sumber daya
alam. Kinerja Perseroan selama 2015 masih mengalami
penurunan bila dibandingkan tahun sebelumnya. Hal ini
2015 was colored with various strategic policies aimed
at creating sustainable growth in the industry based on
natural resources. The Company's performance during
2015 was lower when compared to the previous year. This
was due to the unfavorable weather conditions as well as
Annual Report
9
disebabkan kondisi cuaca yang kurang mendukung serta
masalah sosial-budaya lokal yang sering dihadapi di sekitar
lokasi operasional entitas anak, antara lain penentuan ganti
rugi masyarakat.
local socio-cultural problems that were often encountered
in the vicinity of the operating subsidiaries, including the
determination of the community compensation.
Masalah tersebut cukup pelik dan umumnya membutuhkan
waktu untuk menyelesaikannya. Namun Perseroan tetap
mengupayakan mencapai kinerja yang lebih baik dari
tahun sebelumnya melalui beberapa kebijakan strategis
yang berhasil ditempuh.
The problem is quite complicated and usually takes time
to complete. However, the Company continued to pursue
better performance than the previous year through several
successful strategic policy.
ANALISIS ATAS KINERJA
PERFORMANCE ANALYSIS
Kebijakan Strategis dan Pencapaian 2015
Strategic Policy and Achievements in 2015
Kami mengawali langkah pada 2015 dengan segala
tantangan yang ada. Dengan mengantisipasi peluang
yang ada, kami mempersiapkan strategi untuk mencapai
kesempurnaan dalam kinerja operasional, meningkatkan
dan mempertajam kemampuan SDM, dan menjalin
keharmonisan dengan masyarakat sekitar. Kebijakankebijakan tersebut antara lain upaya mempercepat waktu
tempuh dengan melalui pengangkutan air, agar target
Perseroan bisa tercapai secara optimal.
We started to step into 2015 with all the challenges. By
anticipating the opportunities that exist, we prepared a
strategy to achieve excellence in operational performance,
increase and improve the ability of human resources, and
establish harmony with the surrounding community. Those
policies include efforts to speed up the travel time for the
transport of water, so that the Company’s target can be
achieved optimally.
ANALISIS PROSPEK USAHA
BUSINESS PROSPECTS ANALYSIS
Manajemen berkeyakinan bahwa kinerja Perseroan
akan meningkat pada masa mendatang berkat kebijakan
tersebut, ditambah dengan upaya Manajemen akan secara
maksimal untuk meningkatkan kinerja Perseroan maupun
entitas Perusahaan Anak.
Management believes that the Company's performance
will increase in the future thanks to the policy, coupled
with the management efforts to improve the performance
of the Company and the Subsidiary entities.
Ke depannya, Perseroan telah merencanakan langkahlangkah antisipasinya dengan mengkaji kemungkinan
untuk membuat jalan yang lebih tahan terhadap cuaca.
Untuk masalah sosial Perseroan akan menugaskan staf
khusus untuk melakukan pendekatan sosial kepada
masyarakat sekitar. Hal ini diintegrasikan dengan kegiatan
Tanggung Jawab Sosial Perusahaan (CSR).
Going forward, the Company has planned measures
anticipated by studying the possibility of making roads
more resistant to weather. For the social problems, the
Company will assign dedicated staff to conduct a social
approach to the surrounding community. It is integrated
with the activities of Corporate Social Responsibility
(CSR).
IMPLEMENTASI TATA KELOLA PERUSAHAAN YANG
BAIK
IMPLEMENTATION
GOVERNANCE
Kami telah menerapkan dan mengembangkan prinsip
tata kelola yang selaras dengan praktik-praktik terbaik
secara berkesinambungan dan konsisten. Penerapan
tata kelola di lingkungan bisnis kami tidak hanya
memberikan perlindungan yang memadai dan perlakuan
yang adil kepada para pemegang saham dan pemangku
kepentingan lainnya, namun lebih dari itu, mendorong
kami untuk menciptakan nilai tambah bagi para pemangku
kepentingan secara maksimal.
We have implemented and developed the principles of
good governance in line with best practices continuously
and consistently. The application of good governance in
our business environment not only provides adequate
protection and fair treatment to shareholders and other
stakeholders, but also more than that, encourages us to
create added value for the stakeholders to the fullest.
10
OF
GOOD
CORPORATE
Pemegang saham, Dewan Komisaris, Direksi, serta segenap
karyawan berkomitmen untuk mengimplementasikan
standar yang tinggi dalam penerapan prinsip-prinsip tata
kelola. Prinsip- prinsip tersebut menjadi referensi Direksi
dalam mengambil keputusan yang bertanggung jawab,
menghindari benturan kepentingan, mengoptimalisasi
kinerja, dan meningkatkan akuntabilitas.
Shareholders, the Board of Commissioners, Board
of Directors, and all employees are committed to
implementing high standards in the application of the
principles of good governance. These principles serve as a
reference for the Directors in taking responsible decisions,
avoid conflicts of interest, optimize performance, and
increase accountability.
Dapat kami sampaikan bahwa wujud implementasi GCG
telah dilakukan sepanjang 2015, antara lain dengan
melakukan penyempurnaan kelengkapan perangkat
Pedoman Penerapan GCG, sosialisasi pedoman GCG dan
budaya Perseroan, penyesuaian terus menerus terhadap
standard operating procedure yang jelas dan transparan;
baik untuk bidang operasional, non-operasional maupun
bidang Sumber Daya Manusia.
We can say that the form of the GCG implementation that
has been done throughout 2015, includes, perfecting
the completeness of the Guidelines for the Application
of GCG, GCG socialization guidelines and corporate
culture, continuous adjustment of the standard operating
procedure that is clear and transparent; good for the field
operational, non-operational or field of Human Resources.
TANGGUNG JAWAB SOSIAL PERUSAHAAN
CORPORATE SOCIAL RESPONSIBILITY
Bagi kami, dampak positif keberadaan Perseroan secara
keseluruhan haruslah dirasakan oleh seluruh masyarakat.
Kami menyadari bahwa kesuksesan Perseroan tidak
hanya ditentukan oleh kinerja manajemen dan operasional
semata, melainkan juga dukungan komunitas masyarakat
sekitar.
For us, the positive impact of the Company's overall
presence should be felt by the entire community. We
realize that success is not only determined by the
Company's management and operational performance
alone, but also the support of surrounding communities.
Tanggung jawab sosial perusahaan atau Corporate Social
Responsibility (CSR) merupakan komitmen Perseroan
dalam memberikan kontribusi kepada masyarakat sekitar
dalam bidang lingkungan, sosial kemasyarakatan,
keselamatan dan kesehatan kerja, serta tanggung jawab
kepada konsumen. Program CSR Perseroan menjadi
hubungan simbiosis yang harmonis dalam keseharian
kami berinteraksi dengan masyarakat sekitar.
Corporate Social Responsibility (CSR) is the Company's
commitment to contribute to the local community in the
areas of environmental, social, occupational safety and
health, as well as consumer responsibility. The Company's
CSR program has become a harmonious symbiotic
relationship with the surrounding community in our daily
interaction.
Program CSR Perseroan umumnya diterjemahkan ke dalam
dua hal. Pertama adalah pemberian bantuan (charity) dan
yang kedua adalah berkelanjutan (sustainability). Dalam
konteks ini, kami menjatuhkan pilihan pada pembangunan
berkelanjutan sebagai orientasi, cara berpikir, serta
panduan dalam menyusun program-program CSR
Perseroan.
The company's CSR program generally translates into two
things. The first is the provision of assistance (charity)
and the second is sustainability. In this context, we settled
on sustainable development as an orientation, a way of
thinking, as well as guidance in preparing the Company's
CSR programs.
PERUBAHAN KOMPOSISI DIREKSI
CHANGES IN COMPOSITION OF THE BOARD OF
DIRECTORS
Pada 2015, Perseroan tidak melakukan perubahan
terhadap susunan anggota Direksi.
In 2015, the Company did not make any change to the
composition of the Board of Directors.
Annual Report
11
PENUTUP
CLOSING
Direksi mengucapkan terima kasih dan apresiasi yang
tinggi kepada Dewan Komisaris atas segala arahan dan
masukan yang diberikan. Penghargaan yang sama juga
kami sampaikan kepada pemegang saham dan mitra kerja
atas dukungan, kepercayaan dan kerjasamanya yang telah
terjalin dengan baik selama ini. Direksi juga menyampaikan
terima kasih dan penghargaan kepada seluruh karyawan
yang telah berkarya dengan kecintaan dan dedikasi dalam
melaksanakan tugas dan tanggung jawab masing-masing
guna mewujudkan visi, misi, dan target perusahaan secara
bahu-membahu tanpa kenal lelah.
The Board of Directors would like to thank and give the
highest appreciation to the Board of Commissioners for
any given direction and feedback. The same appreciation
also goes to our shareholders and business partners
for their support, trust and cooperation so far. Directors
would also like to express their thanks and appreciation to
all employees who have worked with love and dedication
in carrying out their duties and responsibilities in order
to realize the vision, mission, and objectives shoulder to
shoulder tirelessly.
Ucapan terima kasih tak lupa kami sampaikan kepada
seluruh pemangku kepentingan dan segenap pihak yang
tidak dapat kami sebutkan satu persatu, yang senantiasa
menjalin kerjasama terbaik sehingga Perseroan dapat
mencapai berbagai target peningkatan usaha dan
pertumbuhan kerja secara berkelanjutan.
We would also like to convey our acknowledgement to all
stakeholders and all parties concerned that we can not
mention one by one, who continuously foster the best
cooperation so that the Company can achieve a variety of
business improvement targets and employment growth in
a sustainable manner.
Semoga Tuhan Yang Maha Kuasa senantiasa memberkati kita semua.
May God Almighty continue to bless us all.
Ari Sutanto
Direktur Utama
President Director
12
Profil Perusahaan
Company Profil
PROFIL SINGKAT
BRIEF PROFILE
PT Bumi Teknokultura Unggul Tbk. (“Perseroan”) berdiri
tanggal 6 Juni 2001 berdasarkan Akta Notaris Rusman,
S.H., Notaris pengganti Elliza Asmawel, S.H., No. 12 dan
diubah dengan Akta Notaris Elliza Asmawel, S.H., No. 10
tanggal 5 Maret 2002. Akta pendirian tersebut telah disahkan
oleh Menteri Kehakiman dan Hak Asasi Manusia Republik
Indonesia melalui Surat Keputusan No. C-06880. HT.01.01.
TH.2002 tanggal 23 April 2002 dan telah didaftarkan di Kantor
Pendaftaran Perusahaan Kota Madya Jakarta Selatan No.880/
BH.09.03/V/2002 tanggal 7 Mei 2002, serta telah diumumkan
dalam Berita Negara Republik Indonesia No. 80 tambahan No.
9565 tanggal 7 Oktober 2003.
PT Bumi Teknokultura Unggul Tbk. (The "Company") was
established on 6 June 2001 based on Notarial Deed Rusman,
SH, substitute of Notary Elliza Asmawel, SH, No. 12 and
amended by Notarial Deed Elliza Asmawel, SH, No. 10 dated
5 March 2002. The establishment deed was approved by
the Minister of Justice and Human Rights of the Republic of
Indonesia through Decree No. C-06880. HT.01.01.TH.2002
23 April 2002 and was registered at the Company Registration
Office in the Municipality of South Jakarta 880 / BH.09.03 /
V / 2002 dated 7 May 2002, and was published in the State
Gazette of the Republic of Indonesia No. Additional No. 80
9565 dated 7 October 2003.
Anggaran dasar Perusahaan telah mengalami beberapa kali,
terakhir dengan akte notaris dari Desman, S.H., M.Hum.,
M.M., No 48 ttanggal 9 Junii 2015 sehubungan dengan
perubahan seluruh anggaran dasar dalam rangka memenuhi
ketentuan Otoritas Jasa Keuangan (OJK). Akta tersebut telah
disahkan sesuai dengan keputusan Menteri Hukum dan Hak
Asasi Manusia Republik Indonesia dengan Surat Keputusan
No.AHU-0938900.AH.01.02 Tahun 2015 tentang Persetujuan
Perubahan Anggaran Dasar Perusahaan.
The Articles of Association has been amended several times,
most recently by notarial deed of Desman, SH, M. Hum.,
M.M., No. 48 dated 9 June 2015 with respect to changes in
the entire articles of association in order to comply with the
Financial Services Authority (FSA). This amendment has been
adopted in accordance with the decision of the Minister of
Justice and Human Rights Republic of Indonesia with Decree
No. AHU-0938900.AH.01.02 2015 regarding the approval of
amendments of the Company.
Berdasarkan pasal 3 Anggaran Dasar Perseroan, ruang
lingkup kegiatan Perusahaan adalah bergerak dalam
bidang bioteknologi pertanian. Hak Perusahaan Hutan
(HPH), Hutan Tanaman Industri (HTI) dan Perdagangan.
Kantor pusat Perusahaan beralamat di Rukan Komplek
Permata Senayan,Blok E No. 38 Jl. Tentara Pelajar Jakarta
Selatan 12210,sedangkan lokasi kegiatan usaha di Jl. Raya
Otonom, Pasar Kemis, Cikupa, Tangerang.Perusahaan
mulai melakukan kegiatan komersialnya pada bulan Juni
2001.
According to Article 3 of the Articles of Association,
the scope of activities of the Company is engaged in
agricultural biotechnology, Forest Management Rights
(HPH), Planted Forest Industries (HTI) and Trade. Its head
office is located at Rukan Permata Senayan Complex,
Block E No. 38 Jl. Tentara Pelajar South Jakarta 12210,
while the location of business activities in Jl. Raya
Otonom, Pasar Kemis, Cikupa, Tangerang. The Company
started doing commercial operations in June 2001.
Kegiatan usaha awal Perseroan sebagai perusahaan yang
bergerak dalam bidang bio teknologi pertanian, saat ini
fokus kegiatan utama Perseroan adalah pembibitan baik
untuk tanaman kehutanan, tanaman pangan, tanaman
obat-obatan, tanaman hias tropis, pembalakan kayu
(HPH), serta perdagangan kayu bulat (log)
The Company’s earliest business activity is in the field of
bio-technology of agriculture, whereas the current main
activities of the Company are nursery for forestry plants,
food crops, medicinal plants, tropical ornamental plants,
logging (HPH), as well as the trading of logs.
Ditahun 2015 Perseroan tetap melakukan pengembangan
usaha di bidang kehutanan dengan merencanakan
mengambil-alih (akuisisi) Perusahaan-Perusahaan yang
miliki ijin pengusahaan hutan, ijin Industri Kayu Lapis dan
ijin Hutan Tanaman Industri (Forestry Estate).
In 2015 the Company continued business development in
the forestry sector with planned acquisition of companies
that have forest management license, Industrial Plywood
license and Industrial Forestry Estate license.
Perseroan berupaya menjadi yang terbaik dalam
mengelola kawasan hutan secara berkelanjutan melalui
praktik manajemen pengembangan dan penelitian. Untuk
mencapai tujuan ini, Perusahaan memiliki misi untuk
mengembangkan unit pengelolaan multi forest menjadi
terintegrasi, meningkatkan hasil panen dari hutan dan
perkebunan melalui penelitian dan pengembangan dan
penerapan teknik pengelolaan hutan dan industri kayu,
praktik kehutanan dan manufaktur yang bertanggung
jawab secara berkelanjutan dan seimbang.
The Company strives to be the best at managing forests
in a sustainable manner through the development of
management practices and research. To achieve this
goal, the Company has a mission to develop multi forest
management units into an integrated, increasing yields
from forests and plantations through research and
development and application of techniques of forest and
timber industry management, forestry and manufacturing
practices that are responsible sustainable and balanced.
Annual Report
13
Perseroan juga terus berupaya memberikan pasokan yang
reliable bagi para konsumen dengan etika dan manajemen
terbaik, serta terus membangun kekuatan kompetitif dan
peluang bisnis untuk menjadi unit pengelolaan hutan
terkemuka.
The Company also continues to provide reliable supplies
to the consumers with the best ethics and management,
as well as continues to build its competitive strengths
and business opportunities to be the leading forest
management unit.
Kesejahteraan karyawan menjadi perhatian utama, dari
standar keselamatan kerja dan penyediaan fasilitas
kesehatan hingga pelatihan kepemimpinan, manajemen,
administrasi dan ketrampilan teknik, yang diselenggarakan
di dalam maupun di luar perusahaan.
Employee welfare is the Company’s main priority, from
safety standards and provision of health facilities to
leadership training, management, administrative and
technical skills, which can be held inside and outside the
Company.
Kantor pusat Perseroan beralamat di Rukan Komplek
Permata Senayan, Blok E No. 38 Jl. Tentara Pelajar Jakarta
Selatan 12210, sedangkan lokasi kegiatan usaha di Jl.
Raya Otonom, Pasar Kemis, Cikupa, Tangerang dan di
Papua Barat.
The Company's head office is located at Rukan Permata
Senayan Complex, Block E No. 38 Jl. Tentara Pelajar South
Jakarta 12210, while the location of business activities in
Jl. Raya Otonom, Pasar Kemis, Cikupa, Tangerang and
West Papua.
BIDANG USAHA
LINE OF BUSINESS
Perseroan bergerak di bidang bioteknologi pertanian, Hak
Pengusahaan Hutan (HPH), Hutan Tanaman Industri (HTI)
dan Perdagangan. Perusahaan fokus di sektor pertanian
bioteknologi khususnya kayu dan juga mendukung
pelestarian bibit unggulan. Berikut bidang usaha, produk dan
jasa yang dihasilkan oleh Perusahaan.
The Company is engaged in agricultural biotechnology, Forest
Management Rights (HPH), Planted Forest Industries (HTI) and
Trade. The Company focuses on the agricultural biotechnology
sector, especially woods and also supporting the preservation of
quality seed industry. The following list the areas of businesses,
products and services produced by the Company.
HPH (Hak Pengusahaan Hutan)
Forest Consesion Right (HPH)
Perusahaan tercatat sebagai pemasok kayu gelondongan
berkualitas tinggi dan menguasai pasar lokal. Dengan
memiliki izin Usaha Pemanfaatan Hasil Hutan Kayu
dalam Hutan Alam (IUPHHK-HA), Perusahaan selalu
berkomitmen memelihara lingkungan serta kekayaan
alam, khususnya hutan, secara lestari dan berkelanjutan
agar tidak memberikan efek negatif pada alam.
The Company is listed as a supplier of high-quality timber
and dominates the local market. By having license in Timber
Forest Product Utilization in Natural Forest (IUPHHK-HA),
the Company has always been committed to preserve the
environment and natural resources, especially forests,
conservation and sustainable manner so that it brings no
negative effect on nature.
Jasa Pembalakan Kayu
Logging Services
Selain mengolah kayu untuk kepentingan sendiri,
Perusahaan juga menawarkan Jasa Pembalakan Kayu
kepada perusahaan lain yang telah menjalin kerjasama
secara resmi dan diawasi pelaksanaannya oleh pemerintah.
In addition to processing wood for its own sake, the
Company also offers Logging services to other companies
that have cooperated formally and its implementation is
supervised by the government.
Jasa Pengangkutan Kayu
Freight Wood
Saat ini Perusahaan juga bergerak di bidang Jasa
Pengangkutan Kayu untuk memberikan kemudahan bagi
pihak-pihak yang juga bergerak di bidang pengolahan kayu.
Currently the Company is also engaged in the Wood
Transportation Services to provide convenience for the
parties who are also engaged in timber processing.
Pembibitan tanaman
Plant Nursery
Perusahaan saat ini memiliki usaha nursery atau pembibitan
tanaman hias potong yang mempunya nilai ekonomi
tinggi. Didukung pengembangan berbasis bioteknologi,
Perusahaan dapat menghasilkan tanaman unggulan yang
berkualitas dan bernilai yang dapat dibutuhkan secara
ekonomis dan menguntungkan secara komersial.
The Company also currently run nursery or ornamental
cut plant nurseries that have the higher economic value.
Supported by development of biotechnology-based, the
Company can produce superior plants of good quality and
value, economically and commercially profitable.
14
Struktur Organisasi
Organizational Structure
Annual Report
15
Profil Dewan Komisaris
Board of Commissioner Profile
Komisaris Utama
Warga negara Indonesia, lahir di Surakarta 1972. Beliau
diangkat sebagai Komisaris Utama Perseroan berdasarkan
hasil RUPS tanggal 12 Juli 2013.
Indonesian citizen, born in Surakarta, 1972. She was
appointed as President Commissioner of the Company
based on results of Annual General Meeting on 12 July
2013.
Menyelesaikan pendidikan Master of Business
Administration (MBA) di Loyola Marymount University,
Los Angeles, USA pada tahun 1994. Beliau berpengalaman
di bidang produk-produk kehutanan, pembibitan dan
tanaman, perdagangan, garment, kimia dan lain-lain.
Graduated with a Master of Business Administration
(MBA) at Loyola Marymount University, Los Angeles,
USA in 1994. She is experienced in the field of forestry
products, nurseries and crops, trade, textile, chemicals
and others.
Beliau hanya mempunyai hubungan keluarga dengan
anggota Direksi dan anggota Dewan Komisaris.
She only has a family relationship with members of the
Board of Directors and Board of Commissioners.
Riwayat Pekerjaan :
Employment history :
1995 - 1996 : Pengembangan Bisnis PT Kayu Lapis
Indonesia
1995 - 1996 : Business Development PT Kayu Lapis
Indonesia
1996 - 1997 : Asisten Direktur Keuangan PT Batik Keris
1996 - 1997 : Assistant Finance Director of PT Batik Keris
1997 -2009 : Direktur PT Pan Brothers Tbk
1997 - 2009: Director of PT Pan Brothers Tbk
16
1997 - 2010 : Komisaris Utama PT Pan Brothers Tbk
1997 - 2010 : President Commissioner of PT Pan Brothers
Tbk
1998 - 2004 : Direktur PT Multiyasa Abadi Sentosa
1998 - 2004: Director of PT Multiyasa Abadi Sentosa
2013 - 2015 : Komisaris Utama PT Andira Agro
2013 - 2015 President Commissioner of PT Andira Agro
2014 - 2015 : Komisaris PT Golden Harvest Cocoa
Indonesia
2014 - 2015 Commissioner of PT Golden Harvest Cocoa
Indonesia
2002 - Sekarang : Direktur Utama PT Plymilindo Perdana
2002 - Present: Director of PT Plymilindo Perdana
2004 - Sekarang : Direktur PT Homeware International
Indonesia
2004 - Present: Director of PT Homeware International
Indonesia
2006 - Sekarang : Direktur Utama PT Indo Vener Utama
2006 - Present: Director of PT Indo Veneer Utama
2008 - Sekarang : Direktur PT Nine Square Indonesia
2008 - Present: Director of PT Nine Square Indonesia
2010 - Sekarang : Direktur Utama PT Pancaprima Eka
Brothers
2010 - Present: President Director of PT Pancaprima Eka
Brothers
2010 - Sekarang : Wakil Direktur Utama PT Pan Brothers
Tbk
2010 - Present: Vice Director of PT Pan Brothers Tbk,
2012 - Sekarang : Komisaris Utama PT Bumi Teknokultura
Unggul Tbk
2012 - Present: President Commissioner of PT Bumi
Teknokultura Unggul
2013 - Sekarang : Komisaris Utama PT Meta Epsi
2013 - Present: President Commissioner of PT Meta Epsi
Annual Report
17
Yenny Sutanto
Komisaris
Commissioner
Beliau warga negara Indonesia, lahir di Surakarta 1975.
Beliau diangkat sebagai Komisaris Perseroan berdasarkan
hasil RUPS tanggal 12 Juli 2013. Pendidikan Master of
Business Administration (Finance) diperolehnya dari
Golden Gate University, San Francisco, California, USA
pada tahun 1996. mempunyai pengalaman di bidang
kehutanan perdagangan, keuangan, dan lain-lain.
She is an Indonesian citizen, born in Surakarta, 1975.
She was appointed as Commissioner of the Company
based on results of Annual General Meeting on 12 July
2013. She has a Master of Business Administration
(Finance) from Golden Gate University, San Francisco,
California, USA in 1996.
Beliau tidak mempunyai hubungan afiliasi dengan
Pemegang Saham Utama, hanya mempunyai hubungan
keluarga dengan anggota Direksi dan anggota Dewan
Komisaris.
She is experienced in the forestry trade, finance, and
others. She is not affiliated with Major Shareholder, just
family ties with members of the Board of Directors and
Board of Commissioners.
18
Gunawan Angkawibawa
Komisaris Independen
Independent Commissioner
Beliau warga negara Indonesia, lahir di Surakarta 1975.
Beliau diangkat sebagai Komisaris Independen Perseroan
berdasarkan hasil RUPS tanggal 12 Juli 2013. Pendidikan
Master of Business Administration (Finance) diperolehnya
dari Golden Gate University, San Francisco, California,
USA pada tahun 1996. Mempunyai pengalaman di bidang
kehutanan perdagangan, keuangan, dan lain-lain.
He serves as Independent Commissioner since the Annual
General Meeting on 12 July 2013. His work experience
includes as a Director of PT Delta Makmur, Tbk (Property).
He graduated from Trisakti University majoring in
Engineering in 1998 and University of Indonesia majoring
in Economics in 2001, Master of Management from
Prasetya Mulya School of Management Indonesia. He is
experiencedd in various fields of business management,
property and real estate.
Komisaris.
He is not affiliated with Major Shareholder, and has no
family relationship with members of the Board of Directors
and Board of Commissioners.
Annual Report
19
Profil Direksi
Board of Director Profile
Ari Sutanto
Direktur Utama
PRESIDENT DIRECTOR
Warga Negara Indonesia, beliau lahir di Jakarta pada 1974.
Diangkat sebagai Direktur Utama Perseroan berdasarkan
keputusan RUPS pada tanggal 27 Juni 2012 Gelar
Bachelor of Science jurusan Ekonomi diperolehnya dari
University of Southern California, Los Angeles, California,
USA pada tahun 1996. Beliau berpengalaman dalam
pengelolaan perusahaan HPH, perdagangan, dan lain-lain.
Indonesian citizen, he was born in Jakarta in 1974. He
was appointed as Director of the Company based on the
decision of the AGM on 12 July 2013. He holds a Bachelor
of Science in Economics from the University of Southern
California, Los Angeles, California, USA in 1996. He is
experienced in the management of logging companies,
trading, and others.
Komisaris.
He is not affiliated with Major Shareholder, just family ties
with members of the Board of Directors and Board of
Commissioners.
20
Doddy Sutanto
Direktur
DIRECTOR
Warga Negara Indonesia, beliau lahir di Surakarta
pada tahun 1981. Diangkat sebagai Direktur Perseroan
berdasarkan keputusan RUPS pada tanggal 27 Juni
2012. Gelar Master of Business Administration di Thames
Valley University, London, United Kingdom diperolehnya
pada pada tahun 2006, mempunyai pengalaman dalam
pengelolaan perusahaan HPH, perdagangan dan lain-lain.
Indonesian citizen, he was born in Surakarta in 1981.
Appointed as a Director of the Company based on the
decision of the AGM on 12 July 2013. He holds a Master
of Business Administration from Thames Valley University,
London, United Kingdom in 2006. He is experienced in
the management of the company HPH, trade and others.
Komisaris.
He is not affiliated with Major Shareholder, just family ties
with members of the Board of Directors and Board of
Commissioners.
Annual Report
21
Kim Byeong Su
Direktur
DIRECTOR
Berkewarganegaraan asing, beliau lahir di Korea 1948.
Beliau diangkat sebagai Direktur Perseroan berdasarkan
RUPS pada tanggal 27 Juni 2012.
Foreign national, he was born in Korea, 1948. He was
appointed as Director by the AGM on 12 July 2013.
Beliau merupakan lulusan dari College of Forestry
Kangwon National University 1968, sarjana muda di
bidang kehutanan 1975 dan memiliki banyak pengalaman
kerja pada perusahaan forestry sejak 1978 sampai saat
ini, pengalaman kerja pada berbagai bidang usaha.
He is a graduate from College of Forestry Kangwon
National University in 1968, holds a bachelor degree in
forestry in 1975 and has a lot of experience working on a
forestry company from 1978 until present, as well as work
experience in various fields of business.
Pemegang Saham Utama, tidak mempunyai hubungan
Komisaris.
He is not affiliated with Major Shareholder, has no family
relationship with members of the Board of Directors and
22
Naning Wahyuningsih
Direktur
DIRECTOR
Beliau warga negara Indonesia, lahir di Jakarta 1973.
Diangkat sebagai Direktur Perseroan berdasarkan
keputusan RUPS pada tanggal 27 Juni 2012. Pernah
bekerja sebagai Manajer Analis R & D di PT Fitotek Unggul
(1993 - 2000), berpengalaman di bidang pembibitan,
kehutanan dan lainnya.
She is an Indonesian citizen, born in Jakarta, 1973.
Appointed as a Director of the Company based on the
decision of the AGM on 12 July 2013. She worked as an
R & D Analyst Manager at PT Fitotek Unggul (1993-2000),
and is experienced in the field of breeding, forestry and
others.
Pemegang Saham Utama, tidak mempunyai hubungan
Komisaris.
She is not affiliated with Major Shareholder, has no family
relationship with members of the Board of Directors and
Annual Report
23
Struktur Kelompok Usaha
Business Group Structure
PT ASABRI (Persero)
Edy Suwarno Al Jab L Sing
18.13%
Masyarakat < 5%
5.53%
76.34%
24
80.00%
90.00%
PT Bangun Kayu Irian
PT Mitra Pembangunan
Global
Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
TINJAUAN UMUM
GENERAL REVIEW
Berdasarkan data Badan Pusat Statistik (BPS),
perekonomian Indonesia pada 2015 tumbuh sebesar
4,74%. Angka ini meleset dari target yang telah ditetapkan
di Anggaran Pendapatan dan Belanja Negara Perubahan
(APBN-P) tahun lalu sebesar 5,7%. Melambatnya
pertumbuhan ekonomi ini dipicu oleh lesunya
perekonomian global, termasuk negara mitra dagang
Indonesia dan pelemahan harga komoditas.
Based on data from the Central Statistics Agency
(BPS), Indonesia's economy in 2015 grew by 4.74%.
This figure missed the target set in the State Budget
Amendment (APBN-P) last year which amounted to 5.7%.
The economic slowdown was triggered by the global
economic slowdown, including trading partner countries
of Indonesia and weakening commodity prices.
Meski begitu, kondisi ekonomi Indonesia diperkirakan
akan terus membaik pada tahun-tahun kedepan. Menurut
Direktur Departemen Komunikasi Bank Indonesia (BI)
Arbonas Hutabarat, pertumbuhan pada 2016 didorong
oleh stimulus fiskal terutama pembangunan proyek
infrastruktur dan konsumsi masih kuat. BI memprediksi
pertumbuhan ekonomi Indonesia berada di kisaran 5,25,6% di tahun 2016.
Even so, the Indonesian economy is expected to continue
to improve in the next few years. According to the Director
of Department of Communications Bank Indonesia (BI)
Arbonas Hutabarat, growth in 2016 will be driven by
the fiscal stimulus mainly infrastructure projects and
consumption that are still going strong. Bank Indonesia
predicts economic growth will be in the range of 5.2 to
5.6% in 2016.
Selain itu, pemanfaatan ruang pelonggaran moneter
secara terukur oleh Bank Indomesia dapat memperkuat
momentum pertumbuhan ekonomi ke depan. Pada Januari
2016, BI telah menurunkan 25 basis poin suku bunga
acuannya menjadi 7,25%. BI berharap investasi dapat
meningkat seiring implementasi paket deregulasi oleh
pemerintah yang akan mendorong realisasi investasi dan
stabiltas makroekonomi.
In addition, the measuring of monetary easing space
utilization by Bank Indomesia can strengthen the momentum
of economic growth in the future. In January 2016, Bank
Indonesia has lowered 25 basis points benchmark interest
rate to 7.25%. BI expects investment to increase along with the
implementation of deregulation package by the government
that would promote the realization of the investment and the
stability of macroeconomic.
TINJAUAN INDUSTRI
INDUSTRY REVIEW
Tahun 2015 menjadi salah satu tahun yang berat bagi
Perseroan. Sejumlah isu nasional terkait industri kayu
yang mengalami penurunan harga akibat adanya illegal
logging dan masuknya kayu impor. Seperti dikutip dari
berita Tempo.Co (17/2/2015) jumlah kayu ilegal yang
dikonsumsi industri mencapai 30 persen. Selain merugikan
negara hingga Rp 55 Trilun, pelaku industri kayu resmi pun
mengalami hal serupa.
2015 has become one of the toughest year for the
Company. A number of national issues related to timber
industry experienced a decrease due to illegal logging
and the influx of imported wood. As quoted from the news
Tempo.Co (17/02/2015) the amount of illegal timber
consumed by the industry reached 30 percent. In addition
to costing the state up to Rp 55 trillion, the legal timber
industry has also experienced similar things.
Meski begitu, Perseroan tetap dapat melanjutkan tren postif
penjualan kayu log atau kayu bulat yang peminatnya sangat
besar. Menurut data Koalisi dan Forest Trends penggunaan
kayu dalam negeri meningkat hingga 59 persen di tahun
2015. Beberapa industri yang membutuhkan pasokan
kayu adalah industri kayu dan pulp serta industri mebel.
Even so, the Company still manage to continue the positive
trend in sales of logs or roundwood whose demand is very
huge. According to data from the Coalition and Forest
Trends the usage of woods in the country increased by 59
percent in 2015. Some of the industries that need supply
of wood includes the wood and pulp industry and the
furniture industry.
Pasar utama penjualan kayu log Perseroan adalah
perusahaan furnitur lokal yang tersebar di seluruh
Indonesia. Jenis kayu yang diproduksi dan dipasarkan
tersebut beragam seperti meranti dan merbau. Kedua jenis
kayu tersebut terkenal dengan kekerasannya dan sering
dimanafatkan untuk konstruksi berat seperti balok-balok,
tiang dan bantalan, di bangunan rumah maupun jembatan.
The Company’s main target market for sale of logs are the
local furniture companies throughout Indonesia. The type
of woods produced and marketed are diverse including
meranti and merbau. Both kind of woods are known for
their hardness and often used for heavy construction such
as beams, columns and bearings, in building houses and
bridges.
LAPORAN POSISI KEUANGAN
FINANCIAL POSITION REPORT
A.Aset
A.Assets
Annual Report
25
Total aset Perseroan pada tahun 2015 mencapai
Rp 495,39 miliar atau mengalami peningkatan
sebesar 11,8% dibandingkan pada tahun 2014.
Kenaikan tersebut disebabkan adanya peningkatan
aset lancar yang melonjak sebesar 107,4%
menjadi Rp 90,85 miliar, sedangkan aset tidak
lancar mengalami kenaikan sebesar 1,3% menjadi
Rp 404,54 miliar.
Total assets of the Company in 2015 reached Rp
495.39 billion or an increase of 11.8% compared
to 2014. The increase was due to an increase in
current assets surged by 107.4% to Rp 90.85
billion, while non-current assets increased by
1.3% to Rp 404.54 billion.
Kenaikan jumlah aset lancar yang cukup signifikan
tersebut terutama disebabkan karena adanya
peningkatan piutang lain-lain pihak ketiga,
kenaikan jumlah persediaan, dan adanya kenaikan
pada uang muka dan biaya yang dibayar dimuka.
The significant increase in total current assets was
primarily due to the increase in other receivables
third parties, the rise in inventories, and the
increase in advances and prepaid expenses.
B.Liabilitas
B.Liabilities
Total liabilitas Perseroan pada tahun 2015 tercatat
sebesar Rp 415,51 miliar atau naik sebesar 14,1%
dibandingkan tahun 2014. Dari jumlah tersebut,
liabilitas jangka pendek naik 20,0% menjadi Rp
185,47 miliar sedangkan liabilitas jangka panjang
naik 9,7%menjadi Rp 230,04 miliar.
Total liabilities of the Company in 2015 was Rp
415.51 billion or an increase of 14.1% compared
to 2014. Of these, short-term liabilities rose 20.0%
to Rp 185.47 billion, while long-term liabilities
increased 9.7 % to Rp 230.04 billion.
Adanya kenaikan pada liabilitas jangka pendek
tersebut terutama disebabkan oleh meningkatnya
jumlah uang muka penjualan dan juga adanya utang
usaha Perseroan pada tahun 2015. Sedangkan
kenaikan liabilitas jangka panjang terutama
disebabkan utang jangka panjang dari pembiayaan.
The increase in short-term liabilities was mainly
caused by the increased number of advance sales
and also the debt of the Company in 2015. The
increase of long-term liabilities was mainly due to
long-term debt financing.
C.Ekuitas
C.Equity
Total ekuitas Perseroan pada tahun 2015
mencapai Rp 79,88 miliar atau naik sebesar 1,4%
dibandingkan tahun 2014 yang mencapai Rp 78,77
miliar. Hal ini disebabkan karena adanya kenaikan
saldo laba.
Total equity of the Company in 2015 reached
Rp 79.88 billion, up by 1.4% compared to 2014
which reached Rp 78.77 billion. This was due to an
increase in retained earnings.
LAPORAN LABA RUGI
PROFIT & LOSS REPORT
A.Pendapatan
A.Revenue
Perseroan mencatat pendapatan pada tahun
2015 sebesar Rp 49,12 miliar atau naik sebesar
13,2% dibandingkan tahun 2014. Hal ini terutama
disebabkan oleh kenaikan pendapatan dari
kayu bulat yang mencapai Rp 32,92 miliar pada
tahun 2015 atau naik 99,7% dibandingkan tahun
2014 lalu. Selain itu, kenaikan pendapatan juga
disebabkan adanya pendapatan pada tanaman
lainnya yang mencapai Rp 1,55 miliar pada tahun
2015 lalu.
B. Beban Pokok Penjualan
26
Pada tahun 2015, beban pokok penjualan tercatat
sebesar Rp 34,55 miliar atau naik tipis sebesar
1,3% dibandingkan tahun 2014. Hal ini terutama
disebabkan oleh naiknya upah buruh langsung dan
The Company recorded revenue in 2015 amounted
to Rp 49.12 billion or an increase of 13.2%
compared to 2014. This was mainly due to higher
income from roundwood which reached Rp 32.92
billion in 2015, up 99.7% compared to 2014. In
addition, the increase in revenue was also due
to revenue in other plants that reached Rp 1.55
billion in 2015
B. Cost of Goods Sold
In 2015, cost of goods sold amounted to Rp 34.55
billion, up slightly by 1.3% compared to 2014.
This was mainly due to the increase in direct labor
costs and inventory earlier in the year, although the
burden of raw materials used has decreased.
persediaan awal tahun, meskipun beban dari bahan
baku yang digunakan mengalami penurunan.
C. Laba Kotor
Perseroan mencatat laba kotor sebesar Rp 14,56
miliar atau naik sebesar 57,1% dibandingkan
tahun 2014. Hal ini disebabkan oleh peningkatan
pendapatan tahun 2015 lalu.
D. Laba Operasi
C. Gross Profit
D. Operating Profit
Perseroan mencatat laba operasi pada tahun
2015 sebesar Rp 1,47 miliar. Pada tahun 2014,
Perseroan masih mengalami kerugian operasi
sebesar Rp 1,79 miliar. Laba operasi ini disebabkan
meningkatnya pendapatan dan turunnya beban
penjualan Perseroan.
E. Laba Bersih dan Laba Komprehensif
The Company recorded a gross profit of Rp 14.56
billion or an increase of 57.1% compared to 2014.
This was caused by the increase in revenue in
2015.
The Company recorded an operating profit which
amounted to Rp 1.47 billion in 2015. In 2014,
the Company still suffered an operating loss of
Rp 1.79 billion. The operating profit was due to
increased revenue and lower selling expenses of
the Company.
E. Net Income and Comprehensive Income
Tahun 2015, Perseroan mencatat laba bersih
sebesar Rp 271,90 juta dari tahun 2014 sebelumnya
yang masih mengalami kerugian bersih sebesar
Rp 2,81 miliar. Adanya laba ini disebabkan oleh
meningkatnya pendapatan Perseroan.
Sedangkan laba komprehensif tahun berjalan
untuk 2015 tercatat sebesar Rp 1,11 miliar dari
tahun berjalan 2014 sebelumnya yang masih
mencatat rugi komprehensif sebesar Rp 2,87 miliar.
Laba komprehensif ini disebabkan oleh naiknya
pendapatan. Dengan demikian, laba komprehensif
yang dapat diatribusikan kepada entitas induk
tahun 2015 mencapai Rp 1,27 miliar, sedangkan
kerugian komprehensif yang diatrubusikan kepada
kepentingan non pengendali sebesar Rp 163,25 juta.
While comprehensive income for year 2015
amounted to Rp 1.11 billion from comprehensive
loss of Rp 2.87 billion in 2014 recorded. This
comprehensive income was due to the rise
in earnings. Thus, the comprehensive income
attributable to the parent entity in 2015 amounted
to USD 1.27 billion, while the comprehensive loss
attributed to non-controlling interests amounted to
USD 163.25 million.
F. Laba per saham
Tahun 2015, Perseroan mencatat laba per saham
dasar sebesar Rp 1,00 dibandingkan pada tahun
2014 yang masih mencat rugi per saham dasar
yang mencapai Rp 2,60.
In 2015, the Company recorded a net profit of Rp
271.90 million of the previous year 2014 which
was a net loss of Rp 2.81 billion. This profit is due
to the increased revenue of the Company.
F. Earnings per share
In 2015, the Company recorded earnings per
share at USD 1.00 compared to year 2014 which
recorded a loss per basic share of Rp 2.60.
LAPORAN ARUS KAS
CASH FLOW REPORT
Tahun 2015 perseroan mencatat arus kas yan g
digunakan untuk aktivitas operasi sebesar Rp 6,16 miliar,
dibandingkan pada tahun 2014 di mana arus kas yang
diperoleh dari aktivitas operasi mencapai Rp 6,02 miliar.
Hal ini terutama disebabkan oleh naiknya pembayaran kas
kepada pelanggan dan pemasok.
In 2015 the Company recorded cash flows used in
operating activities at Rp 6.16 billion, compared to 2014
in which the cash flows from operating activities reached
Rp 6.02 billion. This was mainly caused by the increase in
cash payments to customers and suppliers.
Sedangkan arus kas yang digunakan untuk aktivitas
investasi pada tahun 2015 mencapai Rp 11,75 miliar,
mengalami kenaikan dibandingkan tahun 2014 yang
mencapai Rp 59,44 miliar. Hal ini terutama disebabkan
adanya penurunan aset tetap Perseroan dari Rp 59,44
miliar di 2014 menjadi Rp 11,75 miliar di 2015.
While cash flow used for investing activities in 2015
reached Rp 11.75 billion, an increase compared to 2014
which reached Rp 59.44 billion. This was primarily due to
a decrease in the Company's fixed assets from Rp 59.44
billion in 2014 to Rp 11.75 billion in 2015.
Annual Report
27
Sementara kas bersih yang diperoleh Perseroan dari
aktivitas pendanaan mencapai Rp 17,86 miliar pada tahun
2015, turun dari Rp 52,68 miliar di 2014. Hal ini terutama
disebabkan adanya penerimaan sewa pembiayaan dan
turunnya penerimaan utang lain-lain.
While the Company's net cash from financing activities
reached Rp 17.86 billion in 2015, down from Rp 52.68
billion in 2014. This was mainly due to the receipt of lease
financing and decrease in other payables.
Total kas dan setara kas pada akhir tahun 2015 mencapai
Rp 1,04 miliar dibandingkan posisi kas dan setara kas di
akhir 2014 yang mencapai Rp 1,10 miliar.
Total cash and cash equivalents at the end of 2015 reached
Rp 1.04 billion, compared to cash and cash equivalents at
the end of 2014 which reached Rp 1.10 billion.
KEMAMPUAN MEMBAYAR UTANG DAN TINGKAT
KOLEKTIBILITAS PIUTANG
DEBT
PAYING
COLLECTIBILITY
Perseroan menggunakan beberapa rasio untuk mengukur
kemampuan membayar utang dan tingkat kolektibilitas
piutang. Rasio total hutang terhadap ekuitas Perseroan
pada tahun 2015 mencapai 5,2 kali mengalami kenaikan
dibandingkan tahun 2014 yang mencapai 4,6 kali.
Sedangkan rasio lancar Perseroan tahun 2015 sebesar 0,5
kali mengalami kenaikan dibandingkan tahun 2014 sebesar
0,3 kali. Perseroan berpendapat bahwa masih memiliki
kemampuan dalam membayar hutang. Sedangkan tingkat
kolektibilitas piutang Perseroan sangat baik. Perseroan
berpendapat bahwa seluruh piutang usaha dapat ditagih
sehingga tidak dibentuk cadangan penurunan nilai.
The Company uses several ratios to measure the ability
to pay debts and receivables collectibility. The ratio of
total debt to equity of the Company in 2015 reached 5.2
times, an increase compared to 2014, which was at 4.6
times. While the Company's current ratio was at 0.5 times
in 2015, an increase compared to 2014 at 0.3 times. The
Company believes that it still has the ability to pay the
debts. While the Company's receivable collection is at a
healthy level. The Company believes that all receivables
will be collected so that there is no need to create
provision for impairment.
STRUKTUR MODAL PERUSAHAAN DAN KEBIJAKAN
MANAJEMEN ATAS STRUKTUR MODAL
CORPORATE CAPITAL STRUCTURE AND MANAGEMENT
POLICY ON CAPITAL STRUCTURE
Tujuan pengelolaan modal Perseroan adalah untuk
memastikan pemeliharaan rasio modal yang sehat guna
mendukung usaha dan memaksimalkan imbalan bagi
pemegang saham. Pengelolaan struktur modal Perseroan
disesuaikan dengan kondisi perusahaan dan kondisi
perekonomian.
The Company's capital management objective is to ensure
the maintenance of healthy capital ratios in order to support
the business and maximize the rewards for shareholders.
Company's capital structure management is adapted to
the company conditions and economic conditions.
TARGET DAN REALISASI TAHUN 2015
TARGET AND REALIZATION OF YEAR 2015
Pada tahun 2014, Perseroran menargetkan pertumbuhan
laba pada tahun 2015. Perseroan berhasil membukukan
laba setelah tahun sebelumnya mengalami kerugian. Hal
ini menunjukkan target yang telah ditetapkan Perseroan
tersebut dapat tercapai.
In 2014, the Company was targeting growth in earnings
for 2015. The Company recorded a profit after a loss a
year earlier. This indicates the target set by the Company
has been achieved.
IKATAN MATERIAL UNTUK INVESTASI BARANG MODAL
MATERIAL TIES FOR CAPITAL GOODS INVESTMENT
Pada tahun 2015, Perseroan tidak memiliki ikatan material
untuk investasi barang modal.
In 2015, the Company has no material commitments for
capital goods investment.
INFORMASI MATERIAL MENGENAI INVESTASI,
EKSPANSI, DIVESTASI, PENGGABUNGAN/PELEBURAN
USAHA, AKUISISI, RESTRUKTURISASI UTANG/
MODAL, TRANSAKSI AFILIASI, DAN TRANSAKSI YANG
MENGANDUNG BENTURAN KEPENTINGAN
MATERIAL INFORMATION ABOUT THE INVESTMENT,
EXPANSION,
DIVESTMENT,
COMBINATION
/
CONSOLIDATION OF BUSINESSES, ACQUISITION, DEBT
/CAPITAL RESTRUCTURING, AFFILIATE TRANSACTIONS,
AND TRANSACTIONS WITH CONFLICT OF INTEREST
Tahun 2015, perseroan tidak melakukan aksi korporasi
yang material terkait ekspansi, divestasi, akusisi serta tidak
terdapat transaksi material yang mengandung benturan
kepentingan.
In 2015, the Company did not perform material corporate
actions related to expansion, divestment, acquisition as
well as material transaction with conflict of interest.
28
ABILITY
AND
RECEIVABLES
ASPEK PEMASARAN
MARKETING ASPECT
Melihat prospek usaha yang terbuka lebar, Perseroan
optimistis mampu bertahan bahkan tumbuh menjadi
perusahaan perkayuan terkemuka. Berbekal komitmen
untuk mewujudkan visi pelestarian lingkungan dan plasma
nutfah, Perseroan menyusun strategi pasar dengan
mencermati perkembangan / fluktuasi harga kayu dalam
negri, memproduksi kayu yang telah bersertifikasi dari
hutan lestari dan memproduksi tanaman hias / potong
yang mempunyai nilai ekonomi tinggi.
Looking at the wide-open business prospects, the
Company is optimistic to survive and even grow into a
leading timber company. Armed with a commitment
to realize the vision of environmental conservation
and germplasm, the Company develops marketing
strategies by observing the development of market / price
fluctuations of timber in the country, produces wood that
has been certified sustainable and produces ornamental
plants with high economic value.
Sementara dalam pangsa pasar, kayu bulat diutamakan
untuk memenuhi kebutuhan dalam negeri / industri
perkayuan; tanaman hias / potong untuk memenuhi
konsumen Kota Jakarta dan sekitarnya, namun
kedepannyajuga direncanakan untuk ekspor. Kayu yang
diproduksi lebih diutamakan pada kayu jenis Merbau
karena mempunyai nilai jual yang tinggi dan pangsa
pasarnya / pihak pembelinya sudah jelas.
Whereas in the market, logs are prioritized to meet the
needs of domestic / wood industry; ornamental plants to
meet the needs of consumers in Jakarta and surrounding
areas, but the future is also planned for export. The wood
produced is preferably the Merbau type of wood because
it has a high value and clear market share.
PROSPEK USAHA 2016
2016 BUSINESS PROSPECT
Tahun 2016 akan menjadi kebangkitan industri kayu
nasional seiring dengan kebijakan-kebijakan pemerintah
yang mendukung serta melindungi potensi pasar kayu
dalam negeri. Presiden Joko Widodo dalam arahannya
kepada anggota APHI (Asosiasi Pengusaha Hutan
Indonesia) menyatakan mengarahkan agar Hutan Tanaman
Industri (HTI) dan Hutan Tanaman Rakyat (HTR) dijadikan
penopang untuk membangkitkan sektor kehutanan guna
mendukung perekonomian nasional, seperti diberitakan
oleh Bisnis Indonesia (10/2/2016).
2016 will be a revival of the national wood industry in
line with government policies that support and protect
the domestic timber market potential. President Joko
Widodo in his speech to members of APHI (Association
of Indonesian Forest Concessionaires) directed that
industrial timber estates (HTI) and Plantation Forest (HTR)
to be used as a crutch to revive the forestry sector in order
to support the national economy, as reported by Bisnis
Indonesia (10/2 / 2016).
Pemerintah Indonesia juga menjalin kesepakatan
dengan Uni Eropa dalam penerapan SVLK (Sistem
Verifikasi Legalitas Kayu) dalam perdagangan kayu yang
diharapkan dapat mengurangi peredaran kayu ilegal dan
juga membatasi masuknya kayu impor. Selain dengan
Uni Eropa, pemerintah juga telah menjalin kesepakatan
dengan Tiongkok yang setuju untuk menutup pintu impor
dari perdagangan kayu ilegal.
The Indonesian government has also established
aggreement with the EU in the application of Timber
Legality Verification Letter (SVLK) in timber trade that is
expected to reduce the circulation of illegal timber and
also restrict the entry of imported woods. In addition to
the EU, the government also has made an agreement with
China to close the door on the import of illegal timber
trade.
Kebijakan Perseroan yang fokus pada pasar dalam negeri
selaras dengan langkah Pemerintah Indonesia yang
menutup ekspor kayu log atau kayu gelondongan dalam
negeri. Hal ini dilakukan sebagai upaya mengerek harga
komoditas kayu yang saat ini cenderung menurun.
Company policies that focus on the domestic market are
in line with the Indonesian government that shut down
the export of timber logs in the country. This is done in
an effort to hoist the timber commodity prices which are
currently in the decline.
Dengan kebutuhan kayu log atau kayu bulat yang terus
meningkat, Perseroan yakin prospek bisnis ini sangat
cerah kedepannya. Untuk lebih mengenjot kinerja bisnis,
Perseroan akan terus berupaya untuk menambah
kepemilikan HPH. Diharapkan produksi pun akan
meningkat signifikan.
With the increasing needs for logs or roundwoods, the
Company believes this business has a very bright prospect
for the future. To further boost its business performance,
the Company will continue its efforts to increase the
ownership of the forest concession right. This is hoped to
increase production significantly.
Annual Report
29
Tata Kelola Perusahaan
Good Corporate Governance
Dewan Komisaris dan Direksi PT Bumi Teknokultura
Unggul Tbk. berkomitmen untuk menjalankan Tata Kelola
Perusahaan yang Baik (GCG) dengan standar tertinggi.
Implementasi prinsip-prinsip GCG, yaitu transparansi,
akuntabilitas, tanggung jawab, kemandirian, dan kewajaran
sangat menentukan dalam mewujudkan visi Perseroan,
dan karena itu tertanam di dalam tata nilai dan budaya
korporasi.
Board of Commissioners and Directors of PT Bumi
Teknokultura Unggul Tbk. are committed to run the Good
Corporate Governance (GCG) to the highest standards.
Implementation of GCG includes the principles of
transparency, accountability, responsibility, independence
and fairness that are very important in realizing the
Company's vision, and because they are embedded in the
corporate values and culture.
Implementasi GCG didasarkan atas pengembangan
tanggung jawab di dalam sistem manajemen, penguatan
fungsi-fungsi pengawasan, dan peningkatan transparansi.
Tata Kelola Perusahaan yang Baik diyakini membawa
manfaat besar untuk Perseroan dan para pemangku
kepentingan.
GCG implementation is based on the development of
responsibility in the management system, strengthening
the oversight function, and increased transparency. Good
Corporate Governance is believed to bring great benefits
to the Company and its stakeholders.
Prinsip-prinsip GCG diterapkan menurut Undang-Undang
Nomor 40 Tahun 2007 tentang Perseroan Terbatas,
Undang-Undang Nomor 8 Tahun 1995 tentang Pasar
Modal, Anggaran Dasar Perseroan, Peraturan Otoritas Jasa
Keuangan (POJK) Nomor 21/POJK.04/2015, peraturan
Bursa Efek Indonesia, serta undang-undang dan peraturan
terkait lainnya. Perseroan juga mematuhi prinsip-prinsip
GCG yang diberlakukan oleh Organisasi untuk Kerja Sama
dan Pembangunan Ekonomi (OECD) serta Pedoman
Umum GCG Indonesia.
GCG principles are applied according to Law No. 40 of
2007 on Limited Liability Companies Act No. 8 of 1995
on Capital Markets, the Articles of Association, Rules of
the Financial Services Authority (POJK) No. 21 / POJK.04
/ 2015, Indonesia stock exchange rules, as well as other
relevant laws and regulations. The Company also adheres
to good corporate governance principles imposed by the
Organisation for Economic Co-operation and Development
(OECD) as well as Indonesia's General Guidelines on GCG.
STRUKTUR TATA KELOLA
CORPORATE GOVERNANCE STRUCTURE
Perseroan bekerja berdasarkan kerangka yang secara
jelas diperinci di dalam Anggaran Dasar Perseroan dan
peraturan perundang-undangan yang berlaku lainnya.
Ketentuan-ketentuan tersebut menetapkan peran dan
tanggung jawab Dewan Komisaris dan Direksi serta etika
Karyawan, bagaimana mereka menjalankan fungsi dan
tugas masing-masing secara efektif, bagaimana mereka
berinteraksi satu sama lain, dan apa saja tugas utama
setiap komite.
The Company works based on the frameworks detailed in
the Articles of Association and other applicable legislation.
These provisions define the roles and responsibilities
of the Board of Commissioners and Directors and
Employees ethics, how they carry out the functions and
duties effectively, how they interact with each other, and
the main tasks of each committee.
RAPAT UMUM PEMEGANG SAHAM
GENERAL MEETING OF SHAREHOLDERS
RUPS adalah organ perusahaan yang memegang
kekuasaan tertinggi dalam Perseroan dan memegang
segala kewenangan yang tidak diserahkan kepada Direksi
dan Dewan Komisaris.
GMS is an organ of the company which holds the highest
authority in the Company and all of the authority that is
not submitted to the Board of Directors and Board of
Commissioners.
RUPS sebagai organ perusahaan merupakan wadah para
pemegang saham untuk mengambil keputusan penting
yang berkaitan dengan modal yang ditanam dalam
perusahaan, dengan memperhatikan ketentuan Anggaran
Dasar dan peraturan perundang-undangan. Keputusan
yang diambil dalam RUPS didasari pada kepentingan
usaha Perseroan dalam jangka panjang.
GMS as an organ is a medium for the Company
shareholders to take important decisions regarding their
investment in the Company, subject to the provisions of
the Articles of Association and regulations. The decisions
taken at the GMS are based on the interests of the
Company's business in the long term.
Kewenangan RUPS antara lain mengangkat dan
memberhentikan anggota Dewan Komisaris dan Direksi,
mengevaluasi kinerja Dewan Komisaris dan Direksi,
menyetujui perubahan Anggaran Dasar, menyetujui laporan
30
The authority of the GMS includes appointing and dismissing
member of the Board of Commissioners and Board of
Directors, evaluating the performance of the Board of
Commissioners and Board of Directors, approving the
amendment of the Articles of Association, approving the
tahunan dan menetapkan bentuk dan jumlah remunerasi
anggota Dewan Komisaris dan Direksi serta mengambil
keputusan terkait tindakan korporasi atau keputusan
strategis lainnya yang diajukan Direksi. Keputusan yang
diambil dalam RUPS didasarkan pada kepentingan
Perseroan. Tanpa mengurangi kekuasaan dan wewenang
yang dimiliki oleh RUPS, RUPS atau pemegang saham
tidak dapat melakukan intervensi terhadap pelaksanaan
tugas, fungsi dan wewenang Dewan Komisaris dan Direksi
untuk menjalankan kewajiban dan haknya sesuai dengan
Anggaran Dasar dan peraturan perundang-undangan.
annual report and determining the form and amount of
remuneration for the Board of Commissioners and Board
of Directors as well as taking decisions related to corporate
actions or other strategic decisions proposed by Directors.
The decisions taken at the GMS are based on the interests of
the Company. Without prejudice to the power and authority
held by the GMS, GMS or shareholders are not able to
intervene in the implementation of the tasks, functions and
authorities of the Board of Commissioners and Board of
Directors to carry out the obligations and rights in accordance
with the Articles of Association and regulations.
RUPS dan atau pemegang saham tidak melakukan
intervensi terhadap tugas, fungsi dan wewenang Dewan
Komisaris, serta Direksi dengan tidak mengurangi
wewenang RUPS untuk menjalankan hak sesuai dengan
Anggaran Dasar dan peraturan perundang-undangan.
Pengambilan keputusan RUPS dilakukan secara wajar dan
transparan.
GMS and or shareholders are not to intervene against
the duties, functions and authority of the Board of
Commissioners and Board of Directors, without prejudice
to the authority of the GMS to exercise rights in accordance
with the Articles of Association and regulations. GMS
decision making is conducted properly and transparently.
Pada tahun 2015 Perseroan telah mengadakan Rapat
Umum Pemegang Saham Tahunan (RUPST) dan Rapat
Umum Pemegang Saham Luar Biasa (RUPSLB) yang
diselenggarakan pad tanggal 9 Juni 2015. Kedua RUPS
tersebut diselenggarakan bersamaan pada tanggal 9 Juni
2015 bertempat di Ruang Rinjani, Gedung WTC (World
Trade Center, Lantai 18, Jalan Jendral Sudirman Kav 31,
Kota Jakarta Selatan, yang dihadiri oleh 810.311.867
pemegang saham.
In 2015, the Company held a General Meeting of
Shareholders (AGM) and the Extraordinary General
Meeting of Shareholders (EGM) held pad on 9 June 2015.
Both GMS were held simultaneously on 9 June 2015 and
was located at Rinjani, WTC ( World Trade Center, 18th
Floor, Jalan Sudirman Kav 31, South Jakarta, and attended
by 810,311,867 shareholders.
Hasil Keputusan RUPST adalah sebagai berikut:
Decisions of the AGM are as follows:
1.Received both the Company's 2014 Annual
Report including the Operations Report of the
Company, the Supervisory Report of the Board of
Commissioners, and
1.Menerima baik Laporan Tahunan Perseroan
2014 termasuk di dalamnya Laporan Kegiatan
Usaha Perseroan, Laporan Pengawasan Dewan
Komisaris, dan
2.Menyetujui dan mengesahkan Neraca dan
Perhitungan Laba (Rugi) Komprehensif Perseroan
yang dimuat dalam Laporan Keuangan Perseroan
untuk tahun buku yang berakhir pada 31 Desember
2014 yang telah diaudit oleh Kantor Akuntan Publik
Rexon Nainggolan dan Rekan dengan pendapat
Wajar Tanpa Pengecualian sebagaimana ternyata
dari laporannya No. 009/RNR/RN/LA/15 tanggal
31 Maret 2015
Sedangkan hasil RUPSLB adalah sebagai berikut:
While the results of the EGM was as follows:
1. Approved the changes throughout the Articles of
Association to conform with the provisions of the
Financial Services Authority Regulation No. 32 /
POJK-04/2014 and No. 33 / POJK-04/2014;
1. Menyetujui perubahan seluruh ketentuan Anggaran
Dasar Perseroan untuk disesuaikan dengan
ketentuan Peraturan Otoritas Jasa Keuangan
Nomor 32/POJK-04/2014 dan Nomor 33/POJK04/2014;
2.Menyetujui memberikan kuasa dan wewenang
dengan hak substitusi kepada Direksi Perseroan
untuk menyusun dan menyatakan kembali
perubahan Anggaran Dasar Perseroan tersebut
2. Approved the Balance Sheet and Comprehensive
Profit (Loss) contained in the Company's Financial
Statements for the fiscal year ended 31 December
2014 audited by the Public Accountant and Fellow
Rexon Nainggolan with unqualified opinion as
evident from the report No. 009 / RNR / RN / LA /
15 dated 31 March 2015
2. Approved the provision of power and authority with
the right of substitution to the Board of Directors
to prepare and restate the Articles of Association
Annual Report
31
dalam suatu akta Notaris tersendiri dan selanjutnya
melakukan pengurusan untuk memberitahukan
perubahan Anggaran Dasar dan memperoleh
Persetujuan dari Kementerian Hukum dan Hak
Asasi Manusia Republik Indonesia serta melakukan
segala tindakan yang diperlukan terkait dengan
pelaksanaan keputusan-keputusan tersebut di
atas, termasuk untuk mengadakan penambahan
dan/atau perubahan Anggaran Dasar Perseroan,
jika hal tesebut dipersyaratkan oleh instansi yang
berwenang.
of the Company in a notarial deed itself and
subsequently maintains an amendment to notify
and obtain approval from the Ministry of Justice
and Human Rights of the Republic of Indonesia
and do all the necessary actions related to the
implementation of the decisions mentioned above,
including to hold additions and / or changes in the
Articles of Association, if this proficiency level is
required by the relevant authorities.
DEWAN KOMISARIS
BOARD OF COMMISSIONERS
Dewan Komisaris merupakan organ perusahaan yang
bertugas dan bertanggung jawab secara kolektif untuk
melakukan pengawasan dan memberikan nasihat kepada
Direksi serta memastikan bahwa perusahaa melaksanakan
GCG pada seluruh tingkatan atau jenjang organisasi.
BOC is the organ in charge of the Company and is
collectively responsible for overseeing and advising
the Board of Directors and ensure that the Company
implements GCG at all levels of the organization.
Dalam melaksanakan tugas, Dewan Komisaris
bertanggung jawab kepada RUPS. Pertanggungjawaban
Dewan Komisaris kepada RUPS merupakan perwujudan
akuntabilitas pengawasan atas pengelolaan perusahaan
dalam rangka pelaksanaan prinsip-prinsip GCG. Kinerja
Dewan Komisaris dievaluasi berdasarkan unsur-unsur
penilaian kinerja yang disusun secara mandiri oleh Dewan
Komisaris. Pelaksanaan penilaian dilakukan pada tiap
akhir periode tutup buku. Hasil penilaian kinerja Dewan
Komisaris disampaikan dalam RUPS.
In performing its duties, the Board of Commissioners
is responsible to the GMS. BOC’s accountability to the
GMS is a manifestation of accountability in supervising
the management of the Company in the implementation of
corporate governance principles. BOC's performance is
evaluated based on the elements of performance assessment
compiled independently by the Board of Commissioners.
Implementation of the assessment are carried out at each
period end book closing. BOC performance evaluation results
are then presented at the AGM.
Tugas dan tanggung jawab Dewan Komisaris Perseroan
adalah:
The roles and responsibilities of the Board of
Commissioners are:
1.Conducting oversight on the management of
the Company by the Board of Directors and the
approval and ratification of the annual work plan
and budget of the Company.
2. Hold meetings or regular meetings to discuss the
management of the Company's operations.
1. Melakukan pengawasan atas jalannya pengurusan
Perseroan oleh Direksi serta memberikan
persetujuan dan pengesahan atas rencana kerja
dan anggaran tahunan Perseroan.
2.Mengadakan rapat atau pertemuan secara
berkala untuk membahas pengelolaan operasional
Perseroan.
3. Mengawasi pengelolaan Perseroan atas kebijakan
yang telah ditetapkan oleh Direksi dan memberikan
masukan jika diperlukan.
4.Menominasikan dan menunjuk calon anggota
Dewan Komisaris dan Direksi untuk diajukan dan
disetujui dalam RUPS Tahunan
5.Menentukan jumlah remunerasi bagi anggota
Dewan Komisaris dan Direksi, berlandaskan pada
wewenang yang diberikan dalam RUPS Tahunan.
6. Menunjuk dan menetapkan anggota Komite Audit.
32
3. Supervise the management of the Company over
the policies established by the Board of Directors
and provide feedback if required.
4.Nominate and appoint candidates for Board of
Commissioners and Board of Directors to be submitted
and approved in the Annual General Meeting
5. Determine the amount of remuneration for the
members of the Board of Commissioners and
Board of Directors, based on the authority granted
in the Annual General Meeting.
6. Appoint and assign the members of the Audit
Committee.
Adapun susunan Dewan Komisaris Perseroan adalah
sebagai berikut:
The composition of the Board of Commissioners is as
follows:
Nama
Jabatan
Tanggal Pengangkatan
Name
Title
Date of Appointment
Komisaris
Utama
12 Juli 2013
President
Commissioner
12 Juli 2013
Yenny Sutanto
Komisaris
12 Juli 2013
Yenny Sutanto
Commissioner
12 Juli 2013
Gunawan Angkawibawa
Komisaris
Independen
Gunawan Angkawibawa
Independent
Commissioner
12 Juli 2013
12 Juli 2013
Selama tahun 2015, Dewan Komisaris mengadakan rapat
internal sebanyak 12 (dua belas) kali dan rapat gabungan
Dewan Komisaris dengan Direksi sebanyak (dua belas)
kali dengan tingkat kehadiran 100% untuk setiap anggota.
In 2015, the Board of Commissioners held an internal meeting
as many as 12 (twelve) times and joint meetings with the Board
of Directors as the Board of Commissioners 12 (twelve) times
with the attendance rate of 100% for each member.
Pada tahun 2015, Dewan Komisaris telah mejalankan
fungsinya dalam hal memberikan pengawasan kepada
Direksi Perseroan, memberikan pendapatan dan masukan
terkait dengan bidang usaha Perseroan dalam memasuki
tahun 2015, memberdayakan komite-komite yang berada
dibawah Dewan Komisaris, antara lain Komite Audit,
untuk mengawasi laporan keuangan dan kinerja finansial
maupun operasional lainnya.
In 2015, the Board of Commissioners have carried out their
functions in terms of providing oversight to the Board of
Directors, providing opinion and input associated with the
Company’s business in entering 2015, empowering the
committees under the Board of Commissioners, including
the Audit Committee, to oversee the financial statements
and other financial and operational performance.
DIREKSI
BOARD OF DIRECTORS
Direksi adalah organ perusahaan yang bertanggungjawab
penuh atas pengurusan perusahaan untuk kepentingan
dan tujuan perusahaan sesuai dengan ketentuan anggaran
dasar.
The Board of Directors is the corporate organ fully
responsible for the management of the Company's
interests and objectives in accordance with the Articles
of Association.
Dalam melaksanakan tugasnya, Direksi bertanggung
jawab kepada RUPS. Pertanggungjawaban Direksi kepada
RUPS merupakan perwujudan akuntabilitas pengelolaan
perusahaan dalam rangka pelaksanaan prinsip-prinsip
GCG. Kinerja Direksi dievaluasi oleh Dewan Komisaris
baik secara individual maupun kolektif berdasarkan
unsur-unsur penilaian kinerja yang disusun oleh Komite
Nominasi. Pelaksanaan penilaian dilakukan pada tiap akhir
periode tahun buku. Hasil penilaian kinerja Direksi oleh
Dewan Komisaris disampaikan dalam RUPS.
In performing its duties, the Board of Directors is responsible
to the GMS. The accountability Board of Directors to the
AGM is a manifestation of the management accountability
in the implementation of good corporate governance
principles. Directors' performance is evaluated by the
Board of Commissioners, both individually and collectively
based on the elements of performance assessment drawn
up by the Nomination Committee. Implementation of the
assessment is made at the end of each fiscal year. The
results of the performance assessment of Directors by the
Board of Commissioners are then presented at the AGM.
Tugas utama Direksi Perseroan adalah sebagai berikut:
The roles and responsibilities of the Board of Directors
include:
1. Take full responsibility for conducting their duties in
the interests of the Company in achieving its purpose.
2. Accountable for their work in accordance with
applicable laws and regulations and the Articles of
Association of the Company.
3.Lead, manage, and control the Company in
accordance with the objectives of the Company;
4.Master, maintain, and manage the Company's
assets;
5. Prepare annual work plan containing the annual
budget of the Company, and submit it to the Board
1. Bertanggung jawab penuh dalam melaksanakan tugasnya
untuk kepentingan Perseroan dalam mencapai maksud tujuan.
2. Wajib mempertanggungjawabkan tugasnya sesuai
dengan peraturan perundangan yang berlaku dan
Anggaran Dasar Perseroan.
3.
Memimpin, mengurus, dan mengendalikan
Perseroan sesuai dengan tujuan Perseroan;
4. Menguasai, memelihara, dan mengurus kekayaan
Perseroan;
5. Menyusun rencana kerja tahunan yang memuat
anggaran tahunan Perseroan, dan wajib
Annual Report
33
of Commissioners for approval, before the fiscal
year begins.
disampaikan kepada Dewan Komisaris untuk
memperoleh persetujuan dari Dewan Komisaris,
sebelum tahun buku tersebut dimulai.
Susunan Direksi Perseroan adalah sebagai berikut:
The composition of the Board of Directors is as follows:
Nama
Jabatan
Tanggal Pengangkatan
Name
Title
Date of Appointment
Ari Sutanto
Direktur Utama
12 Juli 2013
Ari Sutanto
President Director
12 July 2013
Kim Byeong Su
Direktur
12 Juli 2013
Kim Byeong Su
Director
12 July 2013
Director
12 July 2013
Director
12 July 2013
Doddy Sutanto
Direktur
12 Juli 2013
Doddy Sutanto
Naning Wahyuningsih
Direktur
12 Juli 2013
Naning Wahyuningsih
TUGAS DAN TANGGUNG JAWAB MASING-MASING
DIREKTUR
DUTIES AND RESPONSIBILITIES OF EACH DIRECTOR
DIREKTUR UTAMA - Ari Sutanto
1 Memutuskan dan menentukan peraturan dan
kebijakan tertinggi perusahaan
2 Menetapkan strategi-strategi untuk mencapai misi
dan visi perusahaan
3Mengkoordinasikan dan mengawasi semua
kegiatan perusahaan
PRESIDENT DIRECTOR - Ari Sutanto
1 Decide and establish the highest rules and policies
of the Company
2 Establish strategies to accomplish the mission and
vision of the Company
3 Coordinate and supervise all activities of the
Company
DIREKTUR KEUANGAN DAN ADMINISRASI UMUM Doddy Sutanto
1 Melaksakan penataan dan pengawasan terhadap
seluruh aktifitas menajemen keuangan dan
administrasi umum
2 Menetapkan sistem dan prosedur pelaksanaan
manajemen keuangan, personalia, dan administrasi
3Melakukan pengawasan dan pengendalian
keuangan dan administrasi
DIRECTOR OF FINANCE AND GENERAL ADMINISTRATION
- Doddy Sutanto
1 Carry out structuring and oversight of all financial
management activities and general administration
2 Establish systems and procedures for implementing
financial management, personnel, and administrative
3 Conduct supervision and control on financial and
administration aspects
DIREKTUR PEMASARAN - Kim Byeong Su
1Merencanakan dan merumuskan kebijakan
strategis yang menyangkut pemasaran
2 Melakukan koordinasi dengan lembaga/instansi
terkait baik didalam negri maupun di luar negri
dalam hal strategi pemasaran produk
3 Mencari celah atau pangsa baru untuk penjualan
produk perusahaan
DIRECTOR OF MARKETING - Kim Byeong Su
1 Plan and formulate strategic policies related to
marketing
2 Coordinate with agencies / institutions both within
the country and outside the country in terms of
strategy product marketing
3 Look for loopholes or new market for sales of
products
DIREKTUR PENGUSAHAAN HUTAN - Ari Sutanto
1Merencanakan dan merumuskan kebijakan
strategis yang menyangkut usaha pemanfaatan
hasil hutan kayu
2 Menyelaraskan semua kebijakan yang ditetapkan
dengan aturan-aturan yang telah ditetapkan oleh
Kementerian Kehutanan dalam pengoperasian
pembalakan kayu
3 Merencanakan operasi pemanfaatan hasil hutan
kayu tahunan sesuai dengan aturan Kementerian
Kehutanan/Pemerintah
DIRECTOR OF FOREST MANAGEMENT - Ari Sutanto
1 Plan and formulate strategic policies concerning
utilization of timber forest products
2 Align all the policies established by the rules set by
the Ministry of Forestry in the logging operation
34
3 Plan annual timber forest product utilization
in accordance with the rules of the Ministry of
Forestry /Government
DIREKTUR BIOTEKNOLOGI - Naning Wahyuningsih
1 Melaksanakan pengembangan bio teknologi yang
mempunyai nilai komersil tinggi
2Memanfaatkan secara maksimum peralatan
laboratorium dalam pengembangan bio teknologi
3 Memimpin semua aktifitas pembibitan, penanaman,
dan pemanenan tanaman pada areal/lahan perusahaan
DIRECTOR OF BIOTECHNOLOGY - Naning Wahyuningsih
1 Carry out the development of biotechnology that
has a high commercial value
2 Utilise the laboratory equipments to their highest
potential in the development of bio-technology
3 Lead all activities of seeding, planting, and
harvesting crops on the Company’s area / land
Selama tahun 2015, Direksi melaksanakan rapat internal
Direksi sebanyak 12 (duabelas) kali, dengan rata-rata
kehadiran adalah 100% Tingkat kehadiran dalam rapat
direksi adalah sebagai berikut:
In 2015, the Board of Directors has conducted an internal
meeting as much as twelve (12) times, with an average
attendance of 100% as follows:
Nama
Jabatan
Jumlah
Kehadiran
%
Ari Sutanto
Direktur Utama
12
Total
Attendance
Name
Title
%
100
Ari Sutanto
President Director
12
100
Kim Byeong Su
Director
12
100
Kim Byeong Su
Direktur
12
100
Doddy Sutanto
Direktur
12
100
Doddy Sutanto
Director
12
100
100
Naning Wahyuningsih
Director
12
100
Naning Wahyuningsih
Direktur
12
Sedangkan untuk Rapat Gabungan Dewan Komisaris dan
Direksi, tingkat kehadirannya adalah sebagai berikut:
Whereas for the Joint Meetings of the Board of Commissioners
and Board of Directors, the level of attendance is as follows:
Nama
Jabatan
Jumlah
Kehadiran
%
Name
Title
Total
Attendance
%
Komisaris
Utama
12
100
President
Commissioner
12
100
Yenny Sutanto
Komisaris
12
100
Yenny Sutanto
Commissioner
12
100
Gunawan
Angkawibawa
Komisaris
Independen
12
100
Gunawan Angkawibawa
Independent
Commissioner
12
100
Ari Sutanto
Direktur Utama
12
100
Ari Sutanto
President Director
12
100
Kim Byeong Su
Direktur
12
100
Kim Byeong Su
Director
12
100
Doddy Sutanto
Direktur
12
100
Doddy Sutanto
Director
12
100
Naning Wahyuningsih
Direktur
12
100
Naning Wahyuningsih
Director
12
100
Selama tahun 2015, beberapa tugas yang telah dijalankan
Direksi adalah pengembangan pasar-pasar baru yang potensial
untuk memperkuat pemasaran produk yang dihasilkan
Perseroan, melakukan efisiensi biaya di tengah masih belum
stabilnya perekonomian nasional dan melakukan pembenahanpembenahan organisasi Perseroan sehingga Perseroan tetap
bisa berkompetisi di tengah persaingan yang ada.
In 2015, some of the tasks that have been run by the
Directors are the development of new markets with the
potential to strengthen the marketing of products produced
by the Company, cost efficiency amid the instability of
the national economy and reformed some organization
aspects of the Company so that the Company can still
compete in the middle competition.
REMUNERASI DEWAN KOMISARIS DAN DIREKSI
REMUNERATION OF THE BOARD OF COMMISSIONERS
AND DIRECTORS
Remunerasi yang diberikan kepada Dewan Komisaris
dan Direksi didasarkan pada kinerja dan kemampuan
Perseroan.
Remuneration paid to the Board of Commissioners
and Board of Directors are based on the Company's
performance and ability.
Mengacu pada Keputusan RUPS tanggal 9 Juni 2015 yang
telah disetujui oleh Pemegang Saham berdasarkan kebijakan
Dewan Komisaris, besaran remunerasi Dewan Komisaris
dan Dewan Direksi selama 1 (satu) tahun dengan budget
untuk tahun 2015 adalah sebesar Rp 6.000.000.000.
Jumlah ini mengalami kenaikan dibandingkan tahun 2014
yang mencapai Rp 4.500.000.000
Referring to the decisions of Shareholders dated 9 June
2015 which was approved by the shareholders based
on the discretion of the Board of Commissioners, the
remuneration of the Board of Commissioners and Board of
Directors for 1 (one) year with regards to the 2015 budget
is Rp 6.000.000.000. This number increased compared to
2014 which reached Rp 4.5 billion
Annual Report
35
SEKRETARIS PERUSAHAAN
CORPORATE SECRETARY
Dalam memberikan pandangan kepada para pemegang
saham bahwa implementasi atas Tata Kelola Perusahaan
yang Baik atau Good Corporate Governance, Sekretaris
Perusahaan dapat memberikan dampak positif bagi
peningkatan kinerja Perseroan melalui perannya antara
lain sebagai Koordinator kegiatan pengelolaan informasi
internal dan eksternal serta hubungan investor, membantu
kegiatan administrasi yang berhubungan dengan pihak
eksternal, serta menjaga agar perusahaan tetap comply
dengan peraturan-peraturan yang ada.
In providing a view to the shareholders that the
implementation of Good Corporate Governance, Corporate
Secretary can provide a positive impact on the Company's
performance through its role as coordinators management
of internal and external information and investor relations,
helping administrative activities which deal with the
external parties, while ensuring that the Company remains
compliant with existing regulations.
Sekretaris Perusahaan Perseroan dijabat oleh Bapak Gilbert
Relly, S.H., M.Ak, MBA, Ak. CA., CSRA. Bapak Gilbert
adalah Warga Negara Indonesia, lahir di Palembang tahun
1964, gelar Certified Sustainability Reporting Assurer
& Specialist (2011), Sarjana Hukum dari Universitas 17
Agustus 1945, Jakarta (2010), Sarjana Ekonomi jurusan
Akutansi Universitas Tarumanegara, Jakarta, Indonesia
1987 dan gelar MBA dari City University, Los Angeles,
California, AS 1991. Akuntan 2007 & Magister Akuntansi
2009 dari Institut Bisnis dan Informatika Indonesia (IBII/
Kwik Kian Gie School of Business)(program PPAk dan
Maksi) dan Register Negara dari Departemen keuangan
tahun 2007.
Corporate Secretary of the Company is held by Mr. Gilbert
Relly, SH, M. Ak, MBA, Ak. CA., CSRA. Mr. Gilbert is an
Indonesian citizen, born in Palembang in 1964, who is
Certified Sustainability Reporting assurer & Specialist (2011),
Bachelor of Law from 17 Agustus 1945 University, Jakarta
(2010), Bachelor of Economics majoring in Accounting
from Tarumanegara University, Jakarta, Indonesia in 1987
and MBA from City University, Los Angeles, California, USA,
1991. He also holds a degree in Accountant in 2007 and
Master of Accounting in 2009 from the Institute of Business
and Information Technology Indonesia (IBII / Kwik Kian Gie
School of Business) (PPAk and Maksi program) and State
Register from the Ministry of Finance in 2007.
Beliau mengawali karir professional sebagai Auditor
pada Kantor Akuntan Publik, perusahaan keuangan,
perdagangan, perhotelan, dan perbankan. Ketua Tim
Pengeloa Sementara BBKU/BBO(BPPN 1999-2003).
He began his professional career as an auditor at public
accounting firm, corporate finance, trading, hospitality,
and banking. Chairman of Interim Management Team
BBKU / BBO (IBRA 1999-2003).
Adapun pelaksanaan tugas Sekretaris Perusahaan pada
tahun 2015 adalah melakukan penyampaian keterbukaan
informasi kepada OJK dan BEI terhadap hal-hal material
yang berhubungan dengan aktivitas Perseroan, pelaporan
registrasi pemegang efek, penyelenggaraan RUPS Tahunan
dan RUPS Luar Biasa, penyampaian laporan keuangan
dan melakukan komunikasi dengan pihak eksternal terkait
dengan kebijakan Perseroan.
The implementation of the Corporate Secretary's duty
in 2015 was to perform the delivery of disclosure of
information to the FSA and the IDX on material things that
relate to the Company's activities, reporting registration
of security holders, holding the Annual General Meeting
and Extraordinary General Meeting, financial reporting
and communication with external parties associated with
Company policy.
KOMITE AUDIT
AUDIT COMMITTEE
Dalam menunjang pelaksanaan GCG, Perseroan telah
membentuk Komite Audit yang bertugas membantu Dewan
Komisaris berdasarkan Surat Keputusan Dewan Komisaris
No. 001/Dekom/BTEK/II/2015 Tanggal 17 Februari 2015
tentang Komite Audit.
In supporting the implementation of good corporate
governance, the Company has formed an Audit Committee
to assist the Board of Commissioners pursuant to Decree
No. BOC 001 / Dekom / BTEK / II / 2015 dated 17 February
2015 on the Audit Committee.
Tugas utama Komite Audit adalah mendorong
diterapkannya GCG, terbentuknya struktur pengendalian
internal yang memadai, meningkatkan kualitas keterbukaan
dan pelaporan keuangan serta mengkaji ruang lingkup,
ketepatan, kemandirian dan objektivitas akuntan publik.
Komite Audit bertanggung jawab kepada Dewan Komisaris.
The main tasks of the Audit Committee are to encourage the
implementation of good corporate governance, establishment
of an adequate internal control structure, improve the quality of
disclosure and financial reporting, and review the scope, accuracy,
independence and objectivity of the public accountant. The Audit
Committee is responsible to the Board of Commissioners.
Adapun tugas dan tanggung jawab Komite Audit adalah
sebagai berikut:
The roles and responsibilities of the Audit Committee are
as follows:
36
1. Evaluation and review of the Company's Financial
Statements periodically based on the applicable
regulation and accounting principles.
1.Melakukan evaluasi dan penelaahan Laporan
Keuangan Perseroan secara periodik berdasarkan
peraturan dan prinsip-prinsip akuntansi yang
berlaku.
2.Melakukan pengawasan dan penilaian atas
pelaksanaan kegiatan serta hasil audit oleh Unit
Audit Internal.
3.Memberikan rekomendasi sehubungan dengan
proses pengendalian internal.
4. Melakukan kajian atas kompetensi dan independensi
auditor eksternal serta atas kesesuaian, ruang
lingkup dan honorarium audit eksternal.
5. Memberikan penjabaran tugas dan tanggung jawab
Komite Audit untuk tahun buku yang bersangkutan
sesuai dengan kebutuhan auditor eksternal.
2.Monitor and conduct assessment of the
implementation and results of the audit by the
Internal Audit Unit.
3.Provide recommendations with respect to the
internal control process.
4.Conduct a study on the competence and
independence of external auditors as well as the
suitability, scope and external audit honorarium.
5. Provide translation of duties and responsibilities of
the Audit Committee for the fiscal year concerned in
accordance with the needs of the external auditor.
Susunan Komite Audit Perseroan adalah sebagai berikut:
The composition of the Audit Committee is as follows:
Nama
Jabatan
Tanggal
Pengangkatan
Name
Title
Date of
Appointment
Gunawan
Angkawibawa
Ketua
17 Februari
2015
Gunawan
Angkawibawa
Chairman
17 February 2015
Nur Muhammad
S.E., Ak., M.Si.,
CA, CPA
Anggota
17 Februari
2015
Nur Muhammad
S.E., Ak., M.Si.,
CA, CPA
Member
17 February 2015
Joshua Hutapea
S.E.
Anggota
17 Februari
2015
Joshua Hutapea
S.E.
Member
17 February 2015
Biodata Bapak Gunawan Angkawibawa telah ditulis dalam
biodata Dewan Komisaris.
Biography Mr. Gunawan Angkawibawa has been written in
the biography of BOC.
Biodata Bapak Nur Muhammad S.E., Ak., M.Si., CA, CPA
Biography of Mr. Nur Muhammad S.E., Ak., M.Sc., CA, CPA
Warga Negara Indonesia. Lulusan dari Fakultas Ekonomi
Jurusan Akuntansi pada Univ. Trisakti Jakarta, yang
kemudian melanjutkan ke jenjang PPAK (Pendidikan Profesi
Akuntansi) dan menuntaskan program pendidikan Magister
Akuntansi di universitas yang sama. Berpengalaman
bekerja sebagai Auditor di beberapa Kantor Akuntan Publik
(KAP) terkemuka di Jakarta.
Indonesian citizen. Graduate from the Faculty of
Economics Department of Accounting at the Univ. Trisakti
Jakarta, he subsequently continued to pursue PPAK
(Professional Accounting Education) and complete Master
of Accounting at the same university. He is experienced in
working as an auditor at several leading Public Accounting
Firm (KAP) in Jakarta.
Biodata Bapak Joshua Hutapea S.E.
Biography of Mr. Joshua Hutapea S.E.
Warga Negara Indonesia, Sarjana Jurusan Akuntansi dari
Fakultas Trisakti. Pemegang Brevet Pajak A, B, C dari STAN
dan anggota IKPI (Ikatan Konsultan Pajak Indonesia).
Berpengalam-an bekerja sebagai Manager Keuangan.
Berpengalaman sebagai auditor di beberapa Kantor
Akuntan Publik hingga jenjang jabatanManager Audit.
Sedang mengambil program pendidikan Magister Hukum.
Indonesian citizen, Bachelor of Accounting from Trisakti
University. He also holds Tax Brevet A, B, C of STAN and
member of IKPI (Indonesia Tax Consultants Association).
He is experienced as Finance Manager, auditor in several
public accounting firm with the latest position in the
managerial level. He is currently pursuing Master of Law.
Selama tahun 2015, Komite Audit telah melakukan rapat
sebanyak 4 kali yang dilakukan bersama dengan Direksi
Perseroan, dengan tingkat kehadiran 100%. Rapat
membahas tentang hasil kinerja laporan finansial interim
dan laporan audit tahun 2015.
In 2015, the Audit Committee has conducated meetings
as many as 4 times jointly with the Board of Directors, with
the attendance rate of 100%. The meetings discussed the
results of the performance of interim financial statements
and the audit report in 2015.
Annual Report
37
Pelaksanaan tugas Komite Audit Perseroan pada tahun
2015 yang telah dilaporkan kepada Dewan Komisaris
adalah sebagai berikut:
1. Mengawasi pelaksanaan audit finansial bekerja
sama dengan Kantor Akuntan Publik.
2.
Mengawasi pelaksanaan manajemen risiko
Perseroan
3. Mengawasi pelaksanaan tata kelola perusahaan.
Implementation of the tasks of the Audit Committee in
2015 that have been reported to the Board of Directors
are as follows:
1. Oversee the implementation of financial audit in
collaboration with the Public Accountant Office.
2. Oversee the implementation of risk management
3.Oversee the implementation of corporate
governance.
Dalam menjalankan tugasnya, Komite Audit Perseroan
berpatokan pada Piagam Komite Audit. Piagam Komite
Audit telah disahkan oleh Dewan Komisaris pada tanggal
15 September 2014. Piagam ini mendefinisikan tujuan,
wewenang dan tanggung jawab aktivitas audit internal.
Piagam Komite Audit menetapkan posisi kegiatan
audit di dalam organisasi, kewenangan akses terhadap
catatan, personel dan properti fisik yang relevan dengan
pelaksanaan penugasan dan mendefinisikan lingkup
aktivitas audit internal.
In performing its duties, the Audit Committee puts its
reference on the Audit Committee Charter. The Charter
has been approved by the Board of Commissioners on
15 September 2014. This Charter defines the purpose,
authority and responsibility of the internal audit activities.
The Charter specifies the role of audit activities within the
organization, authorizes access to records, personnels,
and physical properties relevant to the assignment and
define the scope of the internal audit activity.
AUDIT INTERNAL
INTERNAL AUDIT
Audit internal adalah suatu kegiatan pemberian keyakinan
(assurance) dan konsultasi yang bersifat independen dan
obyektif, dengan tujuan untuk meningkatkan nilai dan
memperbaiki operasional Perusahaan, melalui pendekatan
yang sistematis, dengan cara mengevaluasi dan
meningkatkan efektivitas manajemen risiko, pengendalian
dan proses tata kelola perusahaan.
Internal audit is an activity providing assurance and
consultancy that are independent and objective, with the
aim to increase the value and improve the operations of the
Company, through a systematic approach, by evaluating
and improving the effectiveness of risk management,
control and governance processes.
Satuan Audit Internal dibentuk dengan Surat Keputusan
Direksi No : 218/BTEK-DIR/XII/2015 tanggal 18 Desember
2015 Tentang Pemberhentian dan Pengangkatan Satuan
Audit Internal, yang bertugas memberikan pelaporan
dan bertanggung jawab kepada Direktur Utama. Untuk
menjamin independensi SAI, SAI juga melaporkan hasil
pemeriksaannya kepada Dewan Komisaris.
The Internal Audit Unit was established by the Board of
Directors Decree No: 218 / BTEK-DIR / XII / 2015 dated 18
December 2015 On Dismissal and Appointment of Internal
Audit Unit, which will provide reporting and is responsible
to the President Director. To guarantee the independence
of the IAU, the IAU also reports the audit results to the
Hingga Desember 2015, SAI memiliki 3 (tiga) orang
anggota, termasuk 1 (satu) orang kepala SAI dan 2
anggota SAI. Komposisi anggota Audit Internal telah
memenuhi ketentuan, karena berasal dari berbagai latar
belakang keilmuan dan juga memahami tugas-tugas audit
Perusahaan.
Until December 2015, IAU has three (3) members,
including one (1) person as the head and two members.
The composition of the Internal Audit have met the
requirements, because they come from different
educational backgrounds and also understand the tasks
of the Company's audit.
Adapun susunan Komite Audit Perseroan adalah sebagai
berikut:
The composition of the Audit Committee is as follows:
Totok Sudarnadi sebagai Kepala Satuan Audit
Totok Sudarnadi as Head of Audit
Warga Negara Indonesia, lahir tahun 1952. Berpengalaman
kerja sebagai Senior Auditor pada KAP "Drs Utomo, Mulia
& Co" (SGV Group) pada tahun 1974 s/d 1982, dan
beberapa posisi Manager pada beberapa perusahaan
perkayuan, yaitu PT Kayu Lapis Indonesia pada tahun
1982 s/d 2001 dan PT Wana Rimba Kencana / PT Mutiara
Kalja Permai pada tahun 2002 s/d 2014.
Indonesian citizen, born in 1952. He is experienced
working as a Senior Auditor at PAO "Drs Utomo, Mulia
& Co" (SGV Group) from 1974 to 1982, and Managerial
positions at several timber companies, namely PT Kayu
Lapis Indonesia from 1982 to 2001 and PT Wana Rimba
Kencana / PT Mutiara Kalja Permai from 2002 to 2014.
38
Argo Nugroho, sebagai anggota.
Argo Nugroho, as member.
Warga Negara Indonesia, lahir tahun 1960. Berpengalaman
lebih dari 17 tahun dibidang HRD di perusahaan
perkayuan dan kehutanan serta beberapa tahun di bidang
management compliance di berbagai perusahaan.
Indonesian citizen, born in 1960. He has more than 17
years of experience in HR at logging and forestry industry,
as well as several years in the field of compliance
management in various companies.
H. Bambang Sutopo sebagai anggota.
H. Bambang Sutopo as member.
Warga negara Indonesia, lahir tahun 1955. Berpengalaman
pada beberapa perusahaan perkayuan di Indonesia.
Indonesian citizen, born in 1955. He is experienced
working in timber companies in Indonesia.
Dalam menjalankan tugasnya, Unit Audit Internal
berpatokan pada Piagam Audit Internal yang berisi
panduan dalam melakukan tugas-tugasnya.
In doing its duties, the Internal Audit Unit puts its bearing
on the Internal Audit Charter, which contains guidelines in
performing its duties.
KANTOR AKUNTAN PUBLIK
PUBLIC ACCOUNTANT OFFICE
Berdasarkan hasil RUPST tanggal 9 Juni 2015, Perseroan
telah menunjuk Kantor Akuntan Publik bertugas untuk
melakukan kegiatan audit dengan berpedoman pada
standar audit yang ditetapkan. Perseroan menunjuk
Kantor Akuntan Publik (KAP) Doli, Bambang, Sulistyanto,
Dadang & Ali untuk melaksanakan audit laporan keuangan
Perseroan dan entitas Anak Perusahaan pada 2015.
Akuntan publik yang ditunjuk tidak memberikan jasa lain
selain jasa audit laporan keuangan Perseroan. Pada 2015,
jumlah dana yang dikeluarkan Perseroan untuk biaya KAP
dan jasa lembaga profesi penunjang lainnya mencapai Rp
385.000.000
Based on the results of Annual General Meeting on 9 June
2015, the Company has appointed a public accounting
office tasked to conduct the audit based on the established
auditing standards. The Company re-appointed Public
Accounting Office (PAO) Doli, Bambang, Sulistyanto,
Dadang & Ali audit the financial statements of the Company
and its Subsidiaries entity in 2015. The appointed public
accountant does not provide other services, except
auditing the Company's financial statements. In 2015, the
amount of fund issued by the Company for the cost of PAO
and other supporting services of professional institutions
reached USD 385 million
MANAJEMEN RISIKO
RISK MANAGEMENT
Risiko Makro Ekonomi
Macro Economics Risk
Menurunnya pertumbuhan ekonomi negara dapat
memperngaruhi daya beli masyarakat dan bisa
memperburuk kondisi investasi
The decline in the country's economic growth may affect
consumers’ purchasing power and could worsen the
investment conditions
Untuk mengantisipasi faktor risiko tersebut, Perseroan selalu
membuat proyeksi-proyeksi dengan mempertimbangkan
kondisi perekonomian nasional pada masa mendatang
dan juga tetap berusaha mempertahankan mutu produk
sehingga dapat memberikan nilai jual yang tinggi.
In anticipation of these risk factors, the Company always
make projections by considering the national economic
condition in the future and also keep trying to maintain
the quality of the products so that they can provide high
selling value.
PEMEGANG SAHAM UTAMA DAN PENGENDALI MAJOR AND CONTROLLING SHAREHOLDERS
Nama/Name
Jumlah Saham/
Total Shares
Persen/
Percentage
Pemegang Saham Utama /
Major Shareholder
Pengendali / Controlling
Shareholder
1.PT ASABRI
(Persero)
200.000.000
18,13%
Ya / Yes
Tidak / No
2.Edy Suwarno
Al Jab L Sing
61.024.500
5,53%
Tidak / No
Ya / Yes
Risiko Cuaca
Weather Risk
Salah satu bidang usaha Perseroan adalah agribisnis, di
mana keLangsungan hidup tanaman sangat tergantung
dengan faktor cuaca. Oleh karena itu, dengan cuaca yang
tidak menentu, musim kering yang berkepanjangan akan
sangat mempengaruhi usaha Perseroan.
One area of the Company's businesses is agribusiness,
where the survival of plants depends on weather factors.
Therefore, with erratic weather condition, the prolonged
drought will affect the Company's business.
Annual Report
39
Untuk mengantisipasi risiko tersebut, Perseroan senantiasa
memantau perkembangan cuaca dan menyesuaikan
tumbuhan-tumbuhan bibit yang rentan terhadap cuaca,
pengaturan tata waktu operasional pembalakan kayu
yang tepat, sehingga dampak terhadap Perseroan bisa
diminimalkan.
In anticipation of such risks, the Company continues
to monitor weather developments and adjust the
seedling plants that were exposed to the weather, time
arrangement for logging, so the impact on the Company
can be minimized.
SUMBER DAYA MANUSIA
HUMAN RESOURCES DEVELOPMENT
Perseroan memandang karyawan sebagai aset yang
paling berharga. Mereka bukan sebagai alat produksi
melainkan mitra utama. Oleh sebab itu, Perseroan selalu
mengusahakan untuk dapat meningkatkan produktivitas
dan kesejahteraan karyawan, fasilitas kerja, dan suasana
kerja yang kondusif, memberi imbalan secara adil serta
menempatkan karyawan sesuai dengan bidangnya
masing-masing agar kemajuan Perseroan dapat tercapai,
baik pada masa kini maupun masa mendatang.
The Company sees its employees as the most valuable
asset. They are not a means of production but the main
partners. Therefore, the Company always strive to improve
the productivity and welfare of employees, working
facilities and a conducive working atmosphere, reward
them fairly and put the employees in accordance with their
respective fields so that progress of the Company can be
reached, both in the present and future.
Strategi pengelolaan SDM kami menekankan pada
kompetensi SDM yang sejalan dengan portofolio
bisnis kami. Untuk itu, kami menghargai SDM dengan
memberikan paket remunerasi yang kompetitif sesuai
dengan kemampuan dan prestasi karyawan, yang terdiri
dari gaji pokok dan tunjangan, benefit serta insentif
dan bonus yang dikaitkan dengan kinerja dan berbagai
fasilitas termasuk fasilitas kesehatan bagi karyawan dan
keluarganya.
The Company’s HR management strategy emphasizes
on HR competencies that are in line with our business
portfolio. For that, we appreciate our employees
by providing competitive remuneration package in
accordance with the capabilities and accomplishments
of the employees, which consists of basic salary and
allowances, benefits and incentives and bonuses linked to
the performance and range of facilities including medical
facilities for employees and their families.
PELATIHAN DAN PENINGKATAN KOMPETENSI
TRAINING AND COMPETENCY IMPROVEMENT
Selama tahun 2015, Perseroan melakukan beberapa
pelatihan antara lain:
1.Pelatihan Organisasi & Perusahaan. Pelatihan
ini bertujuan membekali pengetahuan tentang
organisasi dan perusahaan serta peraturanperaturan yang berlaku.
2. Pelatihan ketrampilan teknis yang bertujuan untuk
membekali pengetahuan dan ketrampilan teknis
untuk mendukung proses bisnis perusahaan dan
fungsi pokok jabatan.
3. Pelatihan ketrampilan pendukung yang bertujuan
membekali pengetahuan dan ketrampilan
pendukung yang menunjang tugas pokok jabatan.
4.Pelatihan kepemimpinan dan manajemen yang
bertujuan membekali pengetahuan dan ketrampilan
dalam manajemen kepemimpinan
5.
Pelatihan Pengembangan Pribadi
untuk
pengembangan potensi diri agar dapat dihasilkan
suatu kinerja yang maksimal.
In 2015, the Company has conducted various traning
programs including:
1. Organization & Company Training. The training
is aimed at providing knowledge about the
organization and the Company as well as the
applicable regulations.
2. The technical skills training aimed to equip the
employees with knowledge and technical skills to
support the Company's business processes and
functions of the principal positions.
3.Supporting skills training aimed at providing
knowledge and skills that support the principal
tasks of supporting positions.
4. Leadership and management training aimed at
providing knowledge and skills in management
leadership
5. Personal Development Training for development of
potential in order to attain maximum performance.
40
KOMPOSISI KARYAWAN EMPLOYEES COMPOSITION
KOMPOSISI KARYAWAN / EMPLOYEES COMPOSITION
1. KOMPOSISI BERDASARKAN TINGKAT PENDIDIKAN
EMPLOYEES
COMPOSITION
BASED
ON
EDUCATIONAL LEVEL
2.KOMPOSISI BERDASARKAN USIA EMPLOYEES
COMPOSITION BASED ON AGE
Pendidikan/Educational Level
2015
2014
Usia / Age
2015
2014
S 1 ke atas / Bachelor Degree and above
20
15
Dibawah 30 tahun / Under 30 years
64
84
D 3 / Diploma
8
7
30 - 40 tahun / years
61
79
SMA / High School
111
89
40 -50 tahun / years
57
46
SMP/ Junior High School
49
72
50 - 60 tahun / years
47
15
229
227
SD / Primary School
41
44
Diatas 60 tahun / Above 60 years
Total
229
227
Total
3
Risiko Kurs Mata Uang
Foreign Currency Risk
Risiko terhadap kurs valuta asing adalah salah satu
bentuk risiko yang paling umum. Untuk mengantisipasi
hal tersebut, manajemen selalu memantau pergerakan
kurs mata uang asing dan melakukan prakiraan terhadap
perubahan / pergerakan kursterutama di dalam negeri.
Risks on the foreign exchange rate is one of the most
common forms of risk. To anticipate this, the management
constantly monitors the movement of foreign exchange
rates and forecast the change / movement of currency
locally.
STANDAR KODE ETIK
STANDARD CODE OF ETHICS
Perseroan telah memiliki kode etik yang mengatur standar
etika dan perilaku yang berlaku kepada semua karyawan,
manajemen dan pemangku kepentingan. Beberapa
di antaranya adalah seperti menunjukkan kejujuran,
objektivitas dan kesungguhan dalam melaksanakan
tugas dan memenuhi tanggung jawab profesinya,
loyalitas terhadap organisasi, tidak boleh secara sadar
terlibat dalam kegiatan-kegiatan yang menyimpang atau
melanggar hukum, tidak boleh secara sadar terlibat dalam
tindakan dan atau kegiatan yang dapat mendiskreditkan
profesi audit internal atau mendiskreditkan organisasinya
dan tidak boleh menerima sesuatu dalam bentuk apapun
dari karyawan, rekan kerja, klien, pelanggan, pemasok.
The Company has a code of ethics that govern the ethical
and behavioral standards that apply to all employees,
management and stakeholders. Some of them includes
honesty, objectivity and seriousness in implementing the
tasks and fulfilling the responsibilities of their profession,
loyalty towards the organization, shall not knowingly
engage in activities that deviate the laws or unlawful,
must not knowingly engage in actions or activities that
can discredit the profession of internal auditing or the
organization and should not receive anything in any
form from employees, colleagues, clients, customers,
suppliers.
Kode etik tersebut telah disosialisasikan kepada karyawan
dan secara rutin diingatkan dalam berbagai kegiatankegiatan Perseroan.
The code of ethics have been socialised to the employees
and are regularly reminded during the various programs
held by the Company.
WISTLEBLOWING SYSTEM
WISTLEBLOWING SYSTEM
Perseroan belum memiliki sistem pengaduan internal
secara khusus. Namun untuk fungsi-fungsi tersebut
diberikan kepada manajemen dan sumber daya manusia,
yang bertanggung jawab kepada Direksi.
The Company does not have an internal complaint system
in particular. However, such function is given to the
management and human resources, who are responsible
to the Board of Directors.
Annual Report
41
Tanggung Jawab Sosial Perusahaan
Corporate Social Responsibility
Tanggung Jawab Sosial Perusahaan merupakan bentuk
komitmen Perusahaan untuk meningkatkan kesejahteraan
dan kualitas hidup masyarakat , lingkungan sekitar dan juga
kepada karyawan. Perusahaan menyadari sepenuhnya,
bahwa untuk dapat mencapai tujuan jangka panjang
Perusahaan dibutuhkan sinergi yang harmonis
Corporate Social Responsibility is a form of the Company’s
commitment to improve the welfare and quality of life of
the society, the environment and also to the employees.
The Company is fully aware that in order to achieve longterm goals, harmonious synergy is essential.
Segala upaya dan usaha dilakukan oleh Perseroan demi
menciptakan lingkungan dan masa depan yang lebih baik.
All efforts are made by the Company in order to create a
better environment and future.
Pelaksanaan kegiatan CSR dengan memberikan kontribusi
bagi perkembangan masyarakat sekitarnya dan tetap
menjalin hubungan yang harmonis antara lain :
• Memberikan kompensasi kepada masyarakat
sekitarnya;
• Meningkatkan tata kelola hutan yang mengacu
pada Pengelolaan Hutan Produksi Lestari (PHPL)
agar dapat terciptanya hutan produksi yang
berkelanjutan;
• Menyediakan lapangan pekerjaan bagi masyarakat
sekitarnya yang disesuaikan dengan kebutuhan
Perseroan maupun entitas anak;
• Meningkatkan kualitas produksi dan melakukan
penanaman kembali atas area yang diproduksi.
• Sebagai bentuk tanggung jawab sosiial kepada
masyarakat lokal sekitar hutan, Perseroan telah
memberikan kompensasi (dana ulayat) sebesar
Rp. 2.600.000.000,- per tahun.
The implementation of CSR activities by contributing to
the development of the surrounding communities and
fostering harmonious relationships include:
• Providing compensation to the surrounding
community;
• Improving forest governance in accordance to the
Sustainable Forest Management (SFM) in order to
create sustainable production forest;
• Providing jobs for the surrounding communities
that are tailored to the needs of the Company and
its subsidiaries;
• Improving the quality of production and replanting
the area being produced.
• As a form of social responsibility to the local
communities around the forest, the Company
provides compensation (communal funds)
amounting to Rp. 2.6 billion, - per year.
Perseroan melakukan PHPL sebagai bentuk komitmen dan
tanggung jawab Perseroan terhadap lingkungan dengan
menginvestasikan dana sebesar Rp 1.500.000.000 per
tahun.
The Company did Sustainable Forest Management as its
commitment and responsibility to the environment by
investing Rp 1.5 billion per year.
Mengenai
ketenagakerjaan,
berdasarkan
aturan
Kemenakertrans Nomor 24 tahun 2011 tentang BPJS,
Perseroan mengikutsertakan segenap karyawannya untuk
menjadi anggota BPJS. Untuk melaksanakan kegiatan ini,
Perseroan telah mengeluarkan Rp. 575.600.000 per tahun.
Regarding employment, based on the rule of Manpower
No. 24 of 2011 on BPJS, the Company include its
employees to become members BPJS. To carry out these
activities, the Company has issued Rp. 575.6 million per
year.
Terkait aspek produksi Perseroan melakukan SVLK atau
sertifikasi kayu dengan anggaran sebesar Rp 250.000.000
per tahun.
In relation to production aspects, the Company undergoes
SVLK or certified wood with a budget of Rp 250 million
per year.
PEMBERDAYAAN MASYARAKAT
COMMUNITY EMPOWERMENT
Pemberdayaan masyarakat merupakan hal penting bagi
seluruh perusahaan di Indonesia tidak terkecuali PT Bumi
Teknokultura Unggul Tbk. Bagi Perseroan, masyarakat
sekitar merupakan aset yang harus dijaga untuk
kesinambungan berjalannya roda perusahaan.
Community empowerment is essential for all companies
in Indonesia with no exception for PT Bumi Teknokultura
Unggul Tbk. For the Company, the local community is an
asset that must be maintained to keep the Company afloat.
Untuk itu pada 2015, Perseroan fokus pada program
berkelanjutan dalam mengimplementasikan corporate
social responsibility (CSR). Dalam penyaluran dana lebih
diutamakan yang sifatnya pemberdayaan masyarakat.
Khususnya program-program yang mempunyai creating
user value (nilai tambah edukasi).
Therefore in 2015, the Company focused on sustainable
programs in the implementation of corporate social
responsibility (CSR). In terms of distribution of funds,
the Company puts its preference on funds that are
empowering the community. Especially programs that
have value-added education.
42
Di bidang keselamatan kerja, kami memastikan bahwa
perusahaan adalah tempat kerja aman bagi karyawan
dengan memantau secara ketat proses usaha. Kami
memiliki program Kesehatan dan Keselamatan Kerja (K3)
yang telah disosialisasikam kepada seluruh karyawan
sehingga mereka dapat bekerja dengan aman.
In the field of occupational safety, we ensure that the
Company is a safe workplace for employees by closely
monitoring its business processes. We have a Work Health
and Safety Program (K3) which has been socialised to all
employees so that they can work safely.
Ke depannya, Perseroan akan terus melakukan lebih banyak
lagi Tanggung Jawab Sosial Perusahaan dan memberikan
kontribusi yang lebih besar kepada masyarakat demi
terciptanya masa depan yang lebih cerah.
Going forward, the Company will continue to implement
more CSR and provide greater contribution to society in
order to create a brighter future.
KOMPOSISI PEMEGANG SAHAM COMPOSITION OF SHAREHOLDERS:
31 DESEMBER 2015 December 31, 2015
Pemegang saham
Shareholders
Jumlah saham
Number of shares
PT ASABRI (Persero)
Jumlah
Amounts (Rp)
200.000.000
18,13
20.000.000.000
61.024.500
5,53
6.102.450.000
841.953.000
76,34
84.195.300.000
1.102.977.500
100,00
110.297.750.000
Edy Suwarno Al Jab L Sing
Masyarakat < 5%
Jumlah
% Kepemilikan
Percentage of
Ownership
Perincian pemegang saham Details of Shareholders:
A. Pemodal dalam negeri Local Investor
Perorangan Individual
581.675.898
52,74
Perseroan terbatas Local Company
381.070.002
34,55
Dana pensiun Pension Fund
475.000
0,04
Yayasan Foundation
-
-
Sub total
963.220.900
87,33
B. Pemodal asing Foreign Investor
4.398.900
0,40
Perseroan terbatas Local Company
Perorangan Individual
135.357.700
12,27
Sub total
139.756.600
12,67
KRONOLOGI PENCATATAN SAHAM CHRONOLOGY STOCK LISTING
Saham Baru
New Shares
Saham Ditempatkan dan
disetor Penuh
Share Issued and Fully
Paid
13 Mei 2014
120.000.000
Penerbitan saham waran I
15 Desember 2014
Penerbitan saham waran II
8 April 2015
Penerbitan saham waran III
13 Mei 2007
160.720.500
Keterangan
Information
Penawaran Perdana
Tanggal
Date
Nominal
Nominal
Tercatat di
Recorded in
920.000.000
100
BEI
10.000.000
930.000.000
100
BEI
12.257.000
942.257.000
100
BEI
1.102.977.500
100
BEI
Annual Report
43
KINERJA SAHAM STOCK PERFORMANCE
2014
Period
High
Low
Close
Kuartal I
1,550
1,345
1,375
373,376,700
Volume
556,309,962,500
Value
Kuartal II
1,500
1,160
1,500
375,606,000
468,686,898,000
Kuartal III
1,500
1,245
1,400
529,038,200
621,692,387,000
Kuartal IV
1,500
1,220
1,260
713,819,430
819,707,072,000
Total
1,991,840,330
2,466,396,319,500
2015
44
Period
High
Low
Close
Kuartal I
1,310
1,185
1,210
Volume
1,003,426,200
Value
1,139,909,116,000
Kuartal II
1,300
1,190
1,195
232,483,339
283,639,488,300
Kuartal III
1,600
1,165
1,435
2,110,427,227
2,794,580,467,300
Kuartal IV
1,800
1,255
1,800
2,552,440,871
3,675,989,502,450
Total
5,898,777,637
7,894,118,574,050
LEMBAGA PENUNJANG PASAR MODAL
CAPITAL MARKET SUPPORTING INSTITUTIONS
NOTARIS NOTARY :
DESMAN, S.H., M.Hum., M.M.
Jl. Muara Karang Raya No. 10
Jakarta Utara 14450
Phone : (62-21) 663 0328, 666 00923
Fax : (62-21) 662 2143
KANTOR AKUNTAN PUBLIK PUBLIC ACCOUNTANT :
Doli, Bambang, Sulistiyanto, Dadang & Ali
Registered Public Accountant
M Gold Tower Office l/ Floor
Jl. KH. NoerAli-Kalimalaag Bekasi 17148
Phone : (62-21)28087120(Iluntiag)
Fax : (62-21)28087121
BIRO ADMINISTRASI EFEK SHARE REGISTER :
PT FICOMINDO BUANA REGISTRAR
Mayapada Tower, Lt. 10, Suite 02 B
Jl. Jend. Sudirman Kav. 28
Jakarta Selatan, 12920
Phone : (62-21) 5212316, 5212317
Fax : (62-21) 5212320
Annual Report
45
46
Annual Report
PT Bumi Teknokultura Unggul, Tbk.
1
PT BUMI TEKNOKULTURA UNGGUL Tbk
AND ITS SUBSIDIARIES
Consolidated Financial Statements
For the year ended December 31, 2015
with comparative figures ended
December 31, 2014
(Figures are Presented in Rupiah,
unless Otherwise Stated)
Directors’ Statement
Independent Auditors’ Report
Consolidated Statements of Financial Position
Consolidated Statements of Comprehensive
Income
Consolidated Statements of Changes in Equity
Consolidated Statements of Cash Flows
Notes to Financial Statements
2
Annual Report
3
4
Annual Report
5
6
December 31, 2015 with comparative figures
December 31, 2014
Notes
Desember 31
December 31
December 31
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Trade receivable
Third parties
Other receivables
Third parties
Inventories
Advance and
prepaid expense
Prepaid expenses
Total Current Assets
NON-CURRENT ASSETS
Fixed assets - net
Deferred tax asset
Goodwill
Other Assets
Total Non-Current Assets
TOTAL ASSETS
*) After the transition adjustment to
PSAK 24 (Revised 2013) (Note 33.)
See accompanying Notes to Consolidated Financial Statements
which are an integral part of the Consolidated Financial
Statements taken as a whole.
Annual Report
7
December 31, 2015 with comparative figures
December 31, 2014
December 31
December 31
December 31
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade payable
Bank loan - short term
Accrued expenses
Taxes payables
Advance received
Current maturities of long-term
liabilities
Bank Loan
Finance lease
TOTAL CURRENT LIABILITIES
NON-CUIRRENT LIABILITIES
Long-term liabilities - net of current
maturities
Bank loan
Finance lease
Other payables
Third parties
Related parties
Employee benefits obligation
TOTAL NON- CURRENT
TOTAL LIABILITIES
EQUITY
Share capital - authorized of 3,200,000,000
shares with par value of Rp 100
per shares issued and fully
paid of 1,102,977,500 shares
Additional paid - in capital
Other equity component- Actuary
gains (losses)
Deficit
Equity attributable to owners of
the Company
Non-controlling interests
TOTAL EQUITY - NET
TOTAL LIABILITIES AND EQUITY
*) After the transition adjustment to
PSAK 24 (Revised 2013) (Note 33)
8
Consolidated Statements of Comprehensive Income
with comparative figures
year ended December 31, 2014
Notes
December 31, 2015
December 31, 2014
Revenue
Cost of goods sold
Gross income
Operating expense
Selling
General administration
Total
Operating income
Other income (charges)
Interest income
Interest expense
Bank administration
Goodwill decrease
Others
Other income ( charges) - net
Profit (loss) before tax
Tax income (expense)
Current tax
Deferred tax
Net income (loss)
Other comprehensive income
Gain (loss) acturial
Total comprehensive loss
Total lncome (loss) For the year
Attributable to:
Non-Controlling Interests
Total
Total Comprehensive income (loss) for
the year attributable to:
Non-Controlling Interests
Total
Earnings (loss) per share
Annual Report
9
Consolidated Statements of Changes in Equity
Notes
Paid -up capital
stock
Additional paid - in
capital
Deficit
Other equity
component
Total equity
attributable to owners
of the parent
Non- controlling
interest
Total equity
Balance January 1, 2014
Actuary gains (losess)
Comprehensive loss
Balance December 31, 2014
Actuary gains (losess)
Comprehensive income
Balance December 31, 2015
10
Consolidated Statements of Cash Flows
December 31, 2015
December 31, 2014
CASH FLOW FROM OPERATING
ACTIVITIES
Cash receipts from customers
Cash payments to:
Supplier
Employees
Received from (payment for) other
other activities
Cash provided by (used in)
operating activities
CASH FLOWS FROM INVESTING
ACTIVITIES
Acquisition of fixed assets
Cash used in
investing activities
CASH FLOWS FROM FINANCING
ACTIVITIES
Payment of lbank loan
Receipts (payment) of finance lease
Received of other payables
Net Cash provided by
Financing Activities
Net increase (decrease) cash and
cash equivalents
Cash and cash equivalents at
beginning of year
CASH AND CASH EQUIVALENT
AT END OF YEAR
Annual Report
11
Notes to Consolidated Financial Statements
For the year ended December 31, 2015,
with comparative figures year ended
December 31, 2014
1.
General
a.
Establishment and General Information
PT. Bumi Teknokultura Unggul, Tbk ("The
Company") was established in Indonesia
based on No. 12 dated June 6, 2001 of
Rusman., S.H. the substitute notary of Eliza
Asmawel, S.H., and amended with Notarial
Deed No. 10 dated March 5, 2002 of Eliza
Asmawel, S.H. The deed establishment has
been approved by the Ministry of Justice
and Human Rights of the Republic of
Indonesia in its Decision Letter No. C06880.HT.01.01.TH.2002 dated April 23,
2002 and was registered in the Companies
Registration Offiece Municipality of South
Jakarta No. 880/BH.09.03/V/2002, and also
has been published in the State Gazette of
the Republic of Indonesia No. 80 dated
October 7, 2003, supplement No. 9565.
The Company's Articles of Association have
been amended several times, most recently
by Notarial Deed No. 47 dated June 9, 2015
of Desman, S.H., M.Hum., M.M concerning
the change in the Company's Articles of
Association in order to meet the provision
ofthe Financial Services Authority (OJK).
The deed has been approved in accordance
with the decree of the Minister of Justice
and Human Rights of the Republic of
Indonesia
in
Decree
No.
AHU0938900.AH.01.02 year 2015. On approval
of amendments to the article of association
of the Company.
In accordance with article 3 of the
Company’s Articles of Association, the
scope of its activity is engaged in
agricultural
biotechnology.
Forest
Concession Rights, Planting Forest Industry,
Trading, etc. The Company's head office is
located at Rukan Komplek Permata
Senayan, Blok E No. 37-38 Jl. Tentara
Pelajar, Jakarta Selatan 12210, while the
location of its activities in Jl. Raya Otonom,
Pasar Kemis, Cikupa, Tangerang. The
Company started its commercial activies in
June 2001.
12
Notes to Consolidated Financial Statements-continued
December 31, 2014
As of December 31, 2015 , the Company
and subsidiaries (Collectively referred to as
the "Group" has several forest concession
rights located in Irian Jaya detail with the
following details (unaudited):
(Hectar)
Original term
(years)
Remaining term
(years)
Virgin forest
(Hectar)
No and date decision letter
covering the forest
Concession rights
Company
Subsidiaries
PT Bangun Kayu Irian
No.SK.623/Menhut-II/2014
dated July 14,2014
PT Mitra Pembangunan Global
No: SK.714/MENHUT-VI/
2009 dated 19 October
b.
Public Offering of Shares and Bonds
In 2004, the Company made a public
offering of its shares to the public of
120.000.000 shares with a nominal value of
Rp 100 per share with offering price of Rp
125 per share and accompanied by the
issuance of Warrant Series I of 276.000.000
as an incentive with a nominal value of Rp
100 per share with an exercise price of Rp
125 per share. Purchases can be made
during the offering period which bagan on
November 1 2004 unti May 13, 2007. Each
warrant entitled the holder to purchase one
share of the Company. if the warrants are
not excecuted until the validity period
expires, then, these warrants were
obsolete. The Company's shares public
offering has been registered to the Capital
Market Supervisiory Agency (BAPEPAM*) on
February 19, 2004 and has been listed on
the Indonesia Stock Exchange on May
31,2004. The Public offering of shares has
obtained permission from the Chairman of
BAPEPAM in its Decision Letter No. S-1
102/PM/2004 dated April 29, 2004.
Annual Report
13
December 31, 2014
Starting December 31, 2012, the functions, duties and authorities of regulating and monitoring the
service activities in capital market sector, insurance, pension fund, multi-finance, and other financial services were
transferred from the Minister of Finance, and the Capital Market and Financial Institution Supervisory Agency
(Bapepam-LK) to the Financial Services Authority (OJK).
c.
Consolidated Subsidiaries
As of December 31, 2015 and 2014, the
subsidiaries which were consolidated,
including the respective percentages of
ownership held by the Company, are as
follows:
Ownership
Subsidiary
Domicile
Nature of
Business
Year of December 31, 2015 and
Incorporation December 31, 2014
d.
Total Assets (Before Elimination)
December 31
Employees, Directors,
Commissioners
December 31,
and
Board
of
The Boards of Commissioners and Directors
of the Company as of December 31, 2015
and 2014 based on Notarial Deed of
Desman, S.H., M. Hum. No. 46 dated July
12, 2013 are as follows:
Board of Commissioners
Commissioners
Independent Commissioner
Directors
President Director
Directors
As a public company, the Company has
Independent Commissioner and an Audit
Committee as required by Bapepam-LK
(currently
Financial
Services
Authority/OJK).
14
December 31, 2014
According to Decree of The Board of
Commissioners of The Company, No.
001/Dekom/BTEK/II/2015 dated February
17, 2015 concerning dismissal and
appointment of members of the audit
Committee. The Composition for the period
ended December 31, 2015 are as follows:
Chairman
Member
Member
The Composition for the period ended
December 31, 2014 are as follows:
Chairman
Member
Member
Key management personel of the Company
consists of Commissioners and Directors.
As of December 31, 2015 and 2014, total
number
of
permanent
employees
(unaudited) is 230 and 227, respectively.
The consolidated financial statements of
PT Bumi Teknokultura Unggul Tbk and its
subsidiaries for the year ended December
31, 2015 were completed and authorized
for issuance on February 29, 2016 by the
Company’s Directors who are responsible
for the preparation and the presentation of
the consolidated financial statements.
2.
Summary of Significant Accounting and Financial
Reporting Policies
a.
Statement of Compliance
The consolidated financial statements have
been
prepared in
accordance with
Indonesian Financial Accounting Standards.
These consolidated financial statements are
not intended to present the financial
position, results of preparations and cash
flows in accordance with accounting
principles and reporting practices generally
accepted in other countires and jurisdictions.
Annual Report
15
December 31, 2014
b.
Basis of Consolidated Financial Statements
Preparation and Measurement
The consolidated financial statements have
been prepared and presented in accordance
with Indonesian Financial Accounting
Standards “SAK”, which comprise the
statements and interpretations issued by the
Board of Financial Accounting Standards of
the Indonesian Institute of Accountants and
OJK Regulation No. VIII.G.7. regarding
“Presentation and Disclosures of Public
Companies’ Financial Statements”.
The measurement basis used is the historical
cost, except for certain accounts which are
measured on the bases described in the
related accounting policies. The consolidated
financial statements, except for the
consolidated statements of cash flows, are
prepared under the accrual basis of
accounting.
For financial reporting purposes, fair value
measurements are categorized into level 1,2
and 3 based on the degree to which the
inputs to the fair value measurements are
observable and the significance of the inputs
to the fair value measurement in its entirety,
which are described as follows;
Level 1 inputs are quoted prices
(unadjusted) in active markets for
identical assets or liabilities that the entity
can access at measurement date;
Level 2 inputs are inputs, other than
quoted prices included within level 1, that
are observable for the asset or liability,
either directly or indirectly; and
Level 3 inputs are unobservable inputs for
the assets or liability.
The consolidated statements of cash flows
are prepared using the direct method with
classifications of cash flows into operating,
investing, and financing activities.
The reporting currency used in the
preparation of the consolidated financial
statements is the Indonesian Rupiah
(Rupiah) which is also the functional
currency of the Company.
16
December 31, 2014
c.
investee
investee
investee
investee
investee
investee
investee
Basis of Consolidation
The consolidated financial statements
incorporate that financial statements of the
Company and entities (including structured
entities) controlled by the Company and its
subsidiaries. Control is achieved where the
Company has the power over the investee;
is exposed, or has rights, to variable returns
from its involment wih the investee; and has
the ability to use its power to affect its
returns.
The Company reassesses whether or not it
controls an investee if facts and
circumstances indicate that there are
changes to one or more of the three
elements of control listed above.
When the Company has less than a majority
of the voting rights of an investee, it has
power over the investee when the voting
rights are sufficient to give it the practical
ability to direct the relevant activities of the
investee
unilaterally.
The
Company
considers
all
relevant
facts
and
circumstances in assessing whether or not
the Company’s voting rights in an investee
are sufficient to give it power, including (i)
the size of the Company’s holding of voting
rights relative to the size and dispersion of
holding of the other vote holders; (ii)
potential voting rights held by the Company,
other vote holders or other parties; (iii)
rights arising from other contractual
arrangements; and (iv) any additional facts
and circumstances that indicates that the
Company has, or does not have, the current
ability to direct the relevant activities at the
time that decisions need to be made,
including voting patterns at previous
shareholders’ meetings.
Consolidation of subsidiary begins when the
Company obtains control over the subsidiary
and ceases when the Company loses control
of the subsidiary. Specially, income and
expense of a subsidiary acquired or disposed
of during the year are included in the
consolidated statement of profit or loss and
other comprehensive income from the date
the Company gains control until the date
when the Company ceases to control the
subsidiary.
Annual Report
17
December 31, 2014
Profit or loss and each component of other
comprehensive income are attributed to the
owners of the Company and to the noncontrolling interest. Total comprehensive
incomes are attributed to owners of the
Company and the non-controlling interest
even if this results in the non-controlling
interest having a deficit balance.
When necessary, adjustments are made to
the financial statements of subsidiaries to
bring their accounting policies into line with
the Group’s accounting policies.
All intra group assets and liabilities, equity,
income, expenses and cash flows relating to
transaction between members of the Group
are eliminated in full on consolidation.
Changes in the Group’s ownership interest in
subsidiaries that do not result in the Group
losing control over the subsidiaries are
accounted for as equity transactions. The
carrying amounts of the Group’s interest and
the non-controlling interest are adjusted to
reflect the changes in their relative interest
in the subsidiaries. Any difference between
the amount by which the non-controlling
interest are adjusted and the fair value of
the consideration paid or received is
recognized directly in equity and attributed
to owners of the Company.
goodwill
18
When the Group losses control of a
subsidiary a gain or loss recognized in profit
or loss and is calculated as the difference
between (i) the aggregate of the fair value
of the consideration received and the fair
fair value of any retained interest and (ii)
the previous carrying amount of the assets
(including goodwill), and liabilities of the
subsidiary and any non-controlling interest.
All amounts previously recognized in other
comprehensive income in relation to that
subsidiary are accounted for as if the Group
had directly disposed of the related assets or
liabilities of the subsidiary (i,e reclassified to
profit or loss or transferred to another
category of equity specified/permitted by
applicable accounting standards). The fair
value of any investment retained in the
former subsidiary at the date when control is
December 31, 2014
lost is regarded as the fair value on initial
recognition for subsequent accounting under
PSAK 55, financial Instruments; Recognition
and Measurement or, when applicable, the
cost on initial recognition of an investement
in an associate or a jointly controlled entitiy.
d.
Accounting for Business Combination
Among Entities Not Under Common Control
Business combinations, except business
combination among entities under common
control, are accounted for using the
acquisition method. The cost of an
acquisition is measured as the aggregate of
the consideration transferred, measured at
acquisition date fair value and the amount of
any NCI in the acquiree. For each business
combination, the acquirer measures the NCI
in the acquiree either at fair value or at the
proportionate share of the acquiree’s
identifiable net assets. Acquisition related
costs incurred are directly expensed and
included in administrative expenses.
When the Group acquires a business, it
assesses the financial assets acquired and
liabilities
assumed
for
appropriate
classification and designation in accordance
with the contractual terms, economic
circumstances and pertinent conditions as of
the acquisition date.
If the business combination is achieved in
stages, the acquisition date fair value of the
acquirer’s previously held equity interest in
the acquiree is remeasured to fair value at
the acquisition date through profit or loss.
Any contingent consideration to be
transferred by the acquirer is recognized at
fair value at the acquisition date.
Subsequent changes to the fair value of the
contingent consideration which is deemed to
be an asset or liability is recognized in
accordance with PSAK No. 55 either in profit
or loss or as other comprehensive income. If
the contingent consideration is classified as
equity, it is not measured until it is finally
settled within equity.
Annual Report
19
December 31, 2014
goodwill
goodwill
goodwill
goodwill
goodwill
Goodwill
At acquisition date, goodwill is initially
measured at cost being the excess of the
aggregate of the consideration transferred
and the amount recognized for NCI over the
net identifiable assets acquired and liabilities
assumed. If this consideration is lower than
the fair value of the net assets of the
subsidiary acquired, the difference is
recognized in profit or loss.
After initial recognition, goodwill is measured
at cost less any accumulated impairment
losses. For the purpose of impairment
testing, goodwill acquired in a business
combination is, from the acquisition date,
allocated to each of the Company and/or its
subsidiaries’ cash-generating units (“CGU”)
that are expected to benefit from the
combination, irrespective of whether other
assets or liabilities of the acquired are
assigned to those CGUs.
Where goodwill forms part of a CGU and
part of the operation within that CGU is
disposed of, the goodwill associated with the
operation disposed of is included in the
carrying amount of the operation when
determining the gain or loss on disposal of
the operation. Goodwill disposed of in this
circumstance is measured based on the
relative values of the operation disposed of
and the portion of the CGU retained.
Business Combinaion Under Common
Control
Entities under common control are parties
which directly or indirectly (through one or
more intermediaries) control, or are
controlled by or are under the same control.
Business combination of entities under
common control is a business combination of
all entities or combined businesses, which
are ultimately controlled by the same party
(prior or subsequent to the business
combination), in which the control is not
temporary.
Business combination transaction of entities
under common control in form of business
transfer with regard to reorganization of
20
December 31, 2014
entities within the same group of companies
does not result in a change of the economic
substance of the ownership, in which the
transaction does not incur gain or loss to the
group as a whole or to the individual
company within the group. Therefore, the
transaction is recognized at carrying value
based on pooling of interest method.
Any difference between amount of
consideration transferred and the carrying
value of each business combination of
entities under common control is recognized
as additional paid-in capital as part of equity
section in the consolidated statement of
financial position.
e.
Foreign Currency Translation
Functional and Reporting Currencies
Items included in the financial statements of
each of the Group’s companies are
measured using the currency of the primary
economic environment in which the entity
operates (the functional currency).
The consolidated financial statements are
presented in Rupiah which is the Company’s
functional and presentation currency.
Transactions and Balances
Foreign currency transactions are translated
into the functional currency using the
exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and
losses resulting from the settlement of such
transactions and from the translation at year
end exchange rates of monetary assets and
liabilities denominated in foreign currencies
are recognized in the consolidated statement
of comprehensive income.
Bank Indonesia middle rates used were Rp
13,795 and Rp 12,440 to 1 United States
Dollars, respectively.
Annual Report
21
December 31, 2014
f.
Transactions with Related Parties
A related party is a person or entity that is
related to the Group:
1.
2.
A person or a close member of that
person's family is related to the Group
if that person:
(i)
has control or joint control over
the Group;
(ii)
has significant influence over the
Group; or
(iii)
is a member of the key
management personnel of the
reporting entity or of a parent of
the Group.
An entity is related to the Group if any
of the following conditions applies:
a) the entity and the Group are
members of the same group;
b) one entity is an associate or joint
venture of the other entity (or an
associate or joint venture of a
member of a group of which the
other entity is a member);
c) both entities are joint ventures of
the same third party;
d) one entity is a joint venture of a
third entity and the other entity is
an associate of the third entity;
e) the entity is a post-employment
defined benefit plan for the benefit
of employees of either the Group or
an entity related to the Group. If
the Group is itself such a plan, the
sponsoring employers are also
related to the Group;
f) the entity is controlled or jointly
controlled by a person identified in
(a); or
22
December 31, 2014
g) a person identified in (1) (a) has
significant influence over the entity
or is a member of the key
management personnel of the
entity (or of a parent of the entity);
All significant transactions with related
parties are disclosed in the consolidated
financial statements.
g.
Cash
Cash consists of cash on hand and in banks.
Cash equivalents are short-term, highly
liquid investments
that are readily
convertible to known amounts of cash with
original maturities of three (3) months or
less from the date of placements, and which
are not used as collateral and are not
restricted.
h.
Financial Instruments
All regular way purchases and sales of
financial instruments are recognized on the
transaction date.
The Group recognizes a financial asset or a
financial liability in the consolidated
statement of financial position if, and only if,
it becomes a party to the contractual
provisions of the instrument. All regular way
purchases and sales of financial instruments
are recognized on the transaction date.
Financial instruments are recognized initially
at fair value, which is the fair value of the
consideration given (in case of an asset) or
received (in case of a liability). The fair value
of the consideration given or received is
determined by reference to the transaction
price or other market prices. If such market
prices are not reliably determinable, the fair
value of the consideration is estimated as
the sum of all future cash payments or
receipts, discounted using the prevailing
market rates of interest for similar
instruments with similar maturities. The
initial measurement of financial instruments,
except for financial instruments at fair value
through profit and loss (FVPL), includes
transaction costs.
Annual Report
23
December 31, 2014
Transaction costs include only those costs
that are directly attributable to the
acquisition of a financial asset or issue of
financial liability and they are incremental
costs that would not have been incurred if
the instrument had not been acquired or
issued. Such transaction costs are amortized
over the terms of the instruments based on
the effective interest rate method.
Effective interest rate method is a method of
calculating the amortized cost of a financial
asset or a financial liability and allocating the
interest income or expense over the relevant
period by using an interest rate that exactly
discounts estimated future cash payments or
receipts through the expected life of the
instruments or, when appropriate, a shorter
period to the net carrying amount of the
financial instruments. When calculating the
effective interest, the Group estimates future
cash flows considering all contractual terms
of the financial instruments excluding future
credit losses and includes all fees and points
paid or received that are an integral part of
the effective interest rate.
Amortized cost is the amount at which the
financial asset or financial liability is
measured at initial recognition, minus
principal repayments, plus or minus the
cumulative amortization using the effective
interest rate method of any difference
between the initial amount recognized and
the maturity amount, minus any reduction
for impairment.
The
classification
of
the
financial
instruments depends on the purpose for
which the instruments were acquired and
whether they are quoted in an active
market. At initial recognition, the Group
classifies its financial instruments in the
following categories: financial assets at
FVPL, loans and receivables, held-to-
24
December 31, 2014
maturity (HTM) investments, available for
sale (AFS) financial assets, financial liabilities
at FVPL, and other financial liabilities; and,
where allowed and appropriate, re-evaluates
such classification at every reporting date.
Determination of Fair Value
ask price
bid price
(net present value)
(options
pricing
models)
(bid price)
ask price
The fair value of financial instruments traded
in active markets at the consolidated
statements of financial position date is based
on their quoted market price or dealer price
quotations (bid price for long positions and
ask price for short positions), without any
deduction for transaction costs. When
current bid and asking prices are not
available, the price of the most recent
transaction is used since it provides evidence
of the current fair value as long as there has
not been a significant change in economic
circumstances since the time of the
transaction.
For
all
other
financial
instruments not listed in an active market,
the fair value is determined by using
appropriate valuation techniques. Valuation
techniques include net present value
techniques,
comparison
to
similar
instruments for which market observable
prices exist, options pricing models, and
other relevant valuation models.
Group has financial instruments under loans
and receivable and other financial liabilities
categories. Thus, accounting policies related
to financial assets at FVPL, HTM
investments,AFS
financial assets
and
financial liabilities at FVPL were not
disclosed.
Financial Assets
Loans and Receivables
non-derivatif
Loans and receivables are non-derivative
financial assets with fixed or determinable
payments that are not quoted in an active
market. They are not entered into with the
Annual Report
25
December 31, 2014
intention of immediate or short-term resale
and are not classified as financial assets at
FVPL, HTM investments or AFS financial
assets.
After initial measurement, loans and
receivables are subsequently measured at
amortized cost using the effective interest
rate method, less allowance for impairment.
Amortized cost is calculated by taking into
account any discount or premium on
acquisition and fees and costs that are an
integral part of the effective interest rate.
The amortization is included as part of
interest income in the consolidated
statement of comprehensive income. The
losses arising from impairment are
recognized in the consolidated statement of
comprehensive income.
Group classifies its cash and cash
equivalents, trade accounts receivable, and
other accounts receivable in this category.
Equity Instruments
An equity instrument is any contract that
evidences a residual interest in the assets of
an entity after deducting all of its liabilities.
Equity instruments are recorded at the
proceeds received, net of direct issue costs.
Financial Liabilities
Other Financial Liabilities
This category pertains to financial liabilities
that are not held for trading or not
designated at FVPL upon the inception of
the liability.
Issued financial instruments or their
components, which are not classified
as financial liabilities at FVPL are classified
as other financial liabilities, where the
substance of the contractual arrangement
results in the Group having an obligation
either to deliver cash or another financial
asset to the holder, or to satisfy the
obligation other than by the exchange of a
26
December 31, 2014
fixed amount of cash or another financial
asset for a fixed number of own equity
shares.
Other financial liabilities are recognized
initially at fair value and are subsequently
carried at amortized cost, taking into
account the impact of applying the effective
interest method of amortization (or
accretion) for any related premium,
discount, and any directly attributable
transaction costs.
Group’s bank loans, trade accounts payable
- third parties, accrued expenses, other
accounts payable - third parties and finance
lease liabilities are included in this category.
Off setting of Financial Instruments
Financial assets and financial liabilities are
offset and the net amount presented in
the consolidated statement of financial
positions if, and only if, there is a currently
enforceable right to offset the recognized
amounts and there is intention to settle on
a net basis, or to realize the asset and settle
the liability simultaneously.
Impairment of Financial Assets
The Group’s management assesses at each
statement of financial position date whether
a financial asset or group of financial assets
is impaired.
The management first assesses whether
objective evidence of impairment exists
individually for financial assets that are
individually significant, or
collectively
for financial assets that are not individually
significant. If the management determines
that no objective evidence of impairment
exists for an individually assessed financial
asset, whether significant or not, the asset is
included in a group of financial assets with
similar credit risk characteristics and that
group of financial assets is collectively
assessed for impairment. Assets that are
individually assessed for impairment and for
which an impairment loss, is or continues to
be recognized are not included in a collective
assessment of impairment.
Annual Report
27
December 31, 2014
If there is objective evidence that an
impairment loss on loans and receivables
carried at amortized cost has been incurred,
the amount of the loss is measured as the
difference between the asset’s carrying
amount and the present value of estimated
future cash flows (excluding future credit
losses that have not been incurred)
discounted at the financial asset’s original
effective interest rate (i.e., the effective
interest rate computed at initial recognition).
The carrying amount of the asset is reduced
either directly or through the use of an
allowance account. The amount of loss is
charged to the consolidated statement of
If, in a subsequent year, the amount of the
impairment loss decreases because of an
event occurring after the impairment was
recognized, the previously recognized
impairment loss is reversed.
Any
subsequent reversal of an impairment loss is
recognized in the consolidated statement of
comprehensive income, to the extent that
the carrying value of the asset does not
exceed its amortized cost at the reversal
date.
Derecognition
Liabilities
1)
of
Financial
Assets
and
Financial asset (or, where applicable,
a part of a financial asset or part of
a Group of similar financial assets) is
derecognized when:
a. the rights to receive cash flows from
the asset have expired;
b. the Group retains the right to receive
cash flows from the asset, but
has assumed an obligation to pay
them in full without material delay to
a third party under a “pass-through”
arrangement; or
28
December 31, 2014
c. The Group has transferred its rights
to receive cash flows from the asset
and either (i) has transferred
substantially all the risks and rewards
of the asset, or (ii) has neither
transferred nor retained substantially
all the risks and rewards of the asset,
but has transferred control of the
asset.
Where the Group has transferred its
rights to receive cash flows from an
asset or has entered into a pass-through
arrangement,
and
has
neither
transferred nor retained substantially all
the risks and rewards of the asset nor
transferred control of the asset, the
asset is recognized to the extent of
the Group’s continuing involvement in
the asset. Continuing involvement that
takes the form of a guarantee over the
transferred asset is measured at the
lower of the original carrying amount of
the asset and the maximum amount of
consideration that the Group could be
required to repay.
2)
A financial liability is derecognized when
the obligation under the contract is
discharged, cancelled or has expired.
Where an existing financial liability is
replaced by another from the same
lender on substantially different terms,
or the terms of an existing liability are
substantially modified, such an exchange
or modification is treated as a
derecognition of the original liability.
The recognition of a new liability
and the difference in the respective
carrying amounts is recognized in
the
consolidated
statement
of
i.
Inventories
Inventories are stated at cost or net
Annual Report
29
December 31, 2014
value
realizable value, whichever is lower. Cost is
determined using the weighted average
method.
the lower of cost and net realizable
Allowance for inventory obsolescence
anddecline in value of the inventories
areprovided to reduce the carrying value
ofinventories to their net realizable values.
Net realizable value is an estimated selling
price in the ordinary course of business less
the estimated costs of completion and the
estimated costs necessary to make the sale.
j.
Prepaid Expenses
Prepaid expenses are amortized over their
beneficial periods using the straight-line
method.
k.
Fixed Assets
Direct acquisitions of fixed assets, except for
land, are stated at cost, less accumulated
depreciation and any impairment in value.
Land is stated at cost less any impairment in
value and is not depreciated.
The initial cost of fixed assets consists of its
purchase price, including import duties and
non-refundable taxes and any directly
attributable costs in bringing the fixed assets
to its working condition and location for its
intended use.
Initial legal costs incurred to obtain legal
rights are recognized as part of the
acquisition cost of the land, and these costs
are not depreciated. Costs related to
renewal of land rights are recognized as
intangible assets and amortized during the
period of the land rights.
Expenditures incurred after the fixed assets
have been put into operations, such as
repairs and maintenance costs, are normally
charged to operations in the year such costs
are incurred. In situations where it can be
clearly demonstrated that the expenditures
have resulted in an increase in the future
economic benefits expected to be obtained
30
December 31, 2014
from the use of the fixed assets beyond its
originally assessed standard of performance,
the expenditures are capitalized as
additional costs of fixed assets. Depreciation
is computed on a straight-line basis over the
fixed assets useful lives as follows:
straight-line method
Years
Buildings and infrastructure
Vehicles
Laboratory equipment
Office supplies and equipment
Acclimatization equipments
Maturation equipments
The carrying values of fixed assets are
reviewed for impairment when events or
changes in circumstances indicate that the
carrying values may not be recoverable.
When each major inspection is performed,
its cost is recognized in the carrying amount
of the item of fixed assets as a replacement
if the recognition criteria are satisfied. Such
major inspection is capitalized and amortized
over the next major inspection activity.
derecognized
An item of fixed assets is derecognized
upon disposal or when no future economic
benefits are expected from its use or
disposal. Any gains or loss arising from
derecognition of fixed assets (calculated as
the difference between the net disposal
proceeds, if any, and the carrying amount of
the item) is included in the consolidated
statement of comprehensive income in the
year the item is derecognized.
The asset’s residual values, if any, useful
lives and depreciation and amortization
method are reviewed and adjusted if
appropriate, at each financial year end.
Construction in Progress
Construction
assets under
cost and
accumulated
in progress represents fixed
construction which is stated at
is not depreciated. The
costs are reclassified to the
Annual Report
31
December 31, 2014
respective fixed assets account and
depreciated when the construction is
substantially complete and the asset is ready
for its intended use.
l.
Intangible assets
Goodwill
Goodwill
Goodwill
Goodwill represents the excess of the cost of
an acquisition over the fair value of the
Group’s share of the net identifiable assets
of the acquired subsidiary at the date of
acquisition. Goodwill on acquisitions of
subsidiaries is included in “Goodwill”
account. Goodwill is tested annually for
impairment and carried at cost less
accumulated impairment losses. Impairment
losses on goodwill are not reversed. Gains
and losses on the disposal of an entity
include the carrying amount of goodwill
relating to the entity sold.
Goodwill
Goodwill
Goodwill
goodwill
goodwill
Goodwill
goodwill
Goodwill is allocated to Cash Generating Unit
(UPK) for the purpose of impairment testing.
The allocation is made to those UPK or
groups of UPK that are expected to benefit
from the business combination in which the
goodwill arose.
m. Lease Transactions
The
determination
of
whether
an
arrangement is or contains a lease is based
on the substance of the arrangement at
inception date of whether the fulfillment of
the arrangement is dependent on the use of
a specific asset or assets and the
arrangement conveys a right to use the
asset.
A reassessment is made after inception of
the lease only if one of the following applies:
a) there is a change in contractual terms,
other than a renewal or extension of the
agreement;
b) a renewal option is exercised or
extension granted, unless the term of the
32
December 31, 2014
renewal or extension was
included in the lease term;
initially
c) there is a change in the determination of
whether the fulfillment is dependent on a
specified asset; or
d) there is a substantial change to the
asset.
Where a reassessment is made, lease
accounting shall commence or cease from
the date when the change in circumstances
gave rise to the reassessment for scenarios
a, c or d and the date of renewal or
extension period for scenario b.
Leases which transfer to the Group
substantially all the risks and benefits
incidental to ownership of the leased item,
are capitalized at the inception of the lease
at the fair value of the leased property or, if
lower, at the present value of the minimum
lease payments. Lease payments are
apportioned between the finance charges
and reduction of the lease liability so as to
achieve a constant rate of interest in the
remaining balance of the liability. Finance
charges are charged directly against
consolidated statements of comprehensive
income.
Capitalized leased assets are depreciated
over the estimated useful life of the assets
except if there is no reasonable certainty
that the Group will obtain ownership by the
end of the lease term, in which case the
lease assets are depreciated over the
shorter of the estimated useful life of the
assets and the lease term. Operating
lease payments are recognized as an
expense in the consolidated statements of
comprehensive income on a straight-line
basis over the lease term.
n.
Dividend Distribution
Dividend distribution to the Group’s
shareholders is recognised as a liability in
the consolidated financial statements in the
period in which the dividends are approved
by the Group’s shareholders.
Annual Report
33
December 31, 2014
o.
Impairment of Non-Financial Assets
The Group assesses at each annual
reporting period whether there is an
indication that an asset may be impaired. If
any such indication exists, or when annual
impairment testing for an asset is required,
the Group makes an estimate of the asset’s
recoverable amount.
An asset’s recoverable amount is the higher
of an asset’s or Cash Generating Unit’s
(CGU’s) fair value less costs to sell and its
value in use, and is determined for an
individual asset, unless the asset does not
generate cash inflows that are largely
independent of those from other assets or
groups of assets. Where the carrying
amount of an asset exceeds its recoverable
amount, the asset is considered impaired
and is written down to its recoverable
amount. Impairment losses of continuing
operations
are
recognized
in
the
income as “impairment losses”. In assessing
the value in use, the estimated net future
cash flows are discounted to their present
value using a pre-tax discount rate that
reflects current market assessments of the
time value of money and the risks specific to
the asset. In determining fair value less
costs to sell, recent market transactions are
taken into account, if available.
(valuation multiples
If no such transactions can be identified, an
appropriate valuation model is used to
determine the fair value of the assets. These
calculations are corroborated by valuation
multiples or other available fair value
indicators.
Impairment losses are recognized in the
income under expense categories that are
consistent with the functions of the impaired
assets.
An assessment is made at each annual
reporting period as to whether there is any
indication
that
previously
recognized
impairment losses recognized for an asset
may not longer exist or may have
34
December 31, 2014
decreased. If such indication exists, the
recoverable amount is estimated. A
previously recognized impairment loss for an
asset is reversed only if there has been a
change in the assumptions used to
determine the asset’s recoverable amount
since the last impairment loss was
recognized. If that is the case, the carrying
amount of the asset is increased to its
recoverable amount. The reversal is limited
so that the carrying amount of the assets
does not exceed its recoverable amount nor
exceed the carrying amount that would have
been determined, net of depreciation,
had no impairment loss been recognized for
the asset in prior years. Reversal of an
impairment loss is recognized in the
consolidated statement of comprehensive
income. After such a reversal, the
depreciation charge on the said asset is
adjusted in future periods to allocate the
asset’s revised carrying amount, less any
residual value, on a systematic basis over its
remaining useful life.
p.
Deferred Costs of Forest Concession Rights
Costs and expenses incurred in obtaining
forest concession rights,such as, among
others, forest concession fees, and costs of
environmental evaluation and analysis, air
photo survey and planning, are capitalized
and amortized over the economic terms of
the concession rights using the straight-line
method over the terms of the concession
rights.
q.
Shares Issuance Costs
Shares issuance costs are deducted from the
additional paid in capital portion of the
related proceeds from issuance of shares
and are not amortized.
r.
Revenue and Expense Recognition
Revenue is recognized to the extent that it is
probable that the economic benefits will flow
to the Group and the revenue can be reliably
measured. The following specific recognition
criteria must also be met before revenue is
recognized.
Revenue from sales are recognized when
goods are delivered to the customers.
Revenue is measured as the fair value of the
consideration received or receivable for the
Annual Report
35
December 31, 2014
sale of goods in the ordinary course of the
Group’s activities. Revenue is shown net of
value-added tax, returns, rebates and
discounts.
Interest income and interest expense for all
financial instruments are recognized in the
consolidated statement of comprehensive
income on accrual basis using the effective
interest rate method.
basis)
(accrual
Expenses are recognized when incurred
(accrual basis).
Transaction costs incurred and are directly
attributable to the acquisition or issuance of
financial instruments not measured at FVPL
are amortized over the life of financial
instruments using the effective interest rate
method and recorded as part of interest
income for transaction costs directly
attributable to financial assets and as part of
interest expense for transaction costs related
to financial liabilities.
s.
Borrowing Costs
Borrowing costs are interest and exchange
difference on foreign currency denominated
borrowings and other costs (amortization of
discounts/premiums on borrowings, etc.)
incurred in connection with the borrowing of
funds.
Borrowing costs which are directly
attributable to the acquisition, construction,
or production of qualifying assets are
capitalized as part of the acquisition cost of
the qualifying assets. Other borrowing costs
are recognized as an expense in the period
in which they are incurred.
To the extent that the Group borrows funds
specifically for the purpose of obtaining a
qualifying asset, the Company determines
the amount of borrowing costs eligible for
capitalization as the actual borrowing costs
incurred on that borrowing during the year
less any investment income on the
temporary investment of those borrowings.
The Group suspends capitalization of
borrowing costs during extended periods in
36
December 31, 2014
which it suspends active development of a
qualifying asset.
The Group ceases capitalizing borrowing
costs when substantially all the activities
necessary to prepare the qualifying asset for
its intended use or sale are complete.
t.
Liability for post-employment benefits
Starting January 1, 2015, the Company
adopted
PSAK
No.
24
(Revised
2013),“Employee Benefits”, which regulates
accounting
treatment
and
disclosure
employee benefits, for both short-term and
long-term employee benefits.
The Company recognizes employee benefits
under formal and informal programs or
agreements, under legislative requirements
or through industry arrangements, including
post employment benefits and termination
benefits.
The Company made provisions in order
tomeet the minimum benefits required to be
paidto the qualified employees under Labor
LawNo. 13/2003 (the “Labor Law”). The said
provisions are estimated using actuarial
calculations using the “Projected Unit Credit”
method.
The estimated liabilities as of the statement
offinancial position date represents the
presentvalue of the defined benefit obligation
as of the statement of financial position date
less thefair value of plan assets.
The post-employment benefits expense
recognized during the current period consists
of service cost in profit and loss, net interest
on the net defined benefit liability in profit
and loss and remeasurement of the net
defined
benefit
liabilities
in
other
Remeasurements of the net defined benefit
liability consists of:
1. Actuarial gains and losses.
2. Return on plan assets, excluding amount
included in net interest on the net
definedbenefit liability.
Annual Report
37
December 31, 2014
Any
change
in
effect
of
the
assetceiling,excluding amount including
in net intereston the net defined benefit
liability.
Deferred recognition of actuarial gains and
losses is not allowed. Actuarial gains and
losses are recognised directly in other
comprehensive income component in equity
and can be transferred to other post within
equity.
u.
Share-Based Payments
The Group operates certain equity-settled,
share-based compensation plans, under
which the entity receives services from
employees as consideration for equity
instruments (stock options) of the Group.
The fair value of the options is recognized as
an expense with a corresponding increase in
equity. The total amount to be charged as
an expense is determined by reference to
the fair value of the options granted:
including any
conditions;
non-market
vesting
non-
vesting
non-market
vest
vesting
vesting
vest
market
performance
excluding the impact of any service and
non-market
performance
vesting
conditions; and
Including the impact of any non-vesting
conditions.
Non-market performance and service
conditions are included in assumptions about
the number of options that are expected to
vest. The total expense is recognized over
the vesting period, which is the period over
which all the specified vesting conditions are
to be satisfied.
At the end of each reporting period, the
Group revises its estimates of the number of
options that are expected to vest based on
the market conditions. It recognizes the
impact of the revision to original estimates,
if any, in profit or loss, with a corresponding
adjustment to equity.
When the options are exercised, the
Company issues new shares. The proceeds
received, net of any directly attributable
transaction costs, are credited to share
capital (nominal value) and share premium.
38
December 31, 2014
v.
Income Tax
Current tax expense is determined based on
the taxable income for the year computed
using prevailing tax rates.
Deferred tax assets and liabilities are
recognized for the future tax consequences
attributable to the differences between the
financial statement carrying amounts of
existing assets and liabilities and their
respective tax bases and the carryforward
tax benefit of unused tax losses (fiscal
losses). Deferred tax
liabilities
are
recognized for all taxable temporary
differences and deferred tax assets are
recognized
for
deductible
temporary
differences and the carryforward tax benefit
of unused fiscal losses to the extent that it is
probable that taxable income will be
available in future periods against which the
deductible temporary differences can be
utilized and the carryforward tax benefit of
unused fiscal losses can be applied.
Deferred tax is calculated at the tax rates
that have been enacted or substantively
enacted at statements of financial position
date. Deferred tax is charged to or credited
in
the
consolidated
statements
of
comprehensive income, except when it
relates to items charged to or credited
directly in equity, in which case the deferred
tax is also charged to or credited directly in
equity.
Deferred tax assets and liabilities are offset
in the consolidated statement of financial
position, except if these are for different
legal entities, in the same manner the
current tax assets and liabilities are
presented.
Amendments to tax obligations are recorded
when an assessment is received or, if
appealed against by the Group, when the
result of the appeal is determined.
w. Earnings per Share
Basic earnings per
dividing net income
the Company by
number of shares
year.
share are computed by
attributable to owners of
the weighted average
outstanding during the
Annual Report
39
December 31, 2014
x.
Segment Information
Segment information is prepared using the
accounting policies adopted for preparing
and presenting the consolidated financial
statements.
Operating segments are identified on the
basis of internal reports about components
of the Group that are regularly reviewed by
the chief operating decision maker in order
to allocate resources to the segments and to
assess their performances.
An operating segment is a component of an
entity:
a)
that engages in business activities
which it may earn revenue and incur
expenses (including revenue and
expenses relating to the transaction
with other components of the same
entity);
b)
whose operating results are reviewed
regularly by the entity’s chief operating
decision maker to make decision about
resources to be allocated to the
segments and assess its performance;
and
c)
for which discrete financial information
is available.
Information reported to the chief operating
decision maker for the purpose of resources
allocation
and
assessment
of
its
performance is more specifically focused on
the category of each product, which is
similar to the business segment information
reported in the prior period.
y.
Events after the Reporting Date
Post year-end events that provide additional
information
about
the
consolidated
statement of financial position at the
reporting date (adjusting events), if any, are
reflected in the consolidated financial
statements. Post year-end events that are
not adjusting events are disclosed in the
notes to consolidated financial statements
when material.
40
December 31, 2014
3.
Management Use of Estimates, Judgments and
Assumptions
In the application of the Group’s accounting
policies, which are described in note 2 to the
consolidated financial statements, management
is required to make estimates, judgments, and
assumptions about the carrying amounts of
assets and liabilities that are not readily apparent
from other sources. The estimates and
assumptions are based on historical experience
and other factors that are considered to be
relevant.
Management believes that the following
represent a summary of the significant estimates,
judgments, and assumptions made that affected
certain reported amounts of and disclosures in
the consolidated financial statements:
Judgments
The following judgments are made by
management in the process of applying the
Group’s accounting policies that have the most
significant effects on the amounts recognized in
the consolidated financial statements:
a.
Functional Currency
The functional currency of the Company and
its subsidiaries is the currency of the primary
economic environment in which each of
them operates. It is the currency, among
others, that mainly influences sales prices
for goods and services, and of the country
whose competitive forces and regulations
mainly determine the sales prices of its
goods and services, and the currency in
which funds from financing activities are
generated.
b.
Classification of Financial
Assets
and
The Group determines the classifications of
certain assets and liabilities as financial
assets and financial liabilities by judging if
they meet the definition set forth in PSAK
No. 55. Accordingly, the financial assets and
financial liabilities are accounted for in
accordance with Group’s accounting policies
disclosed in Note 2.
Annual Report
41
December 31, 2014
c.
Impairment of Financial Assets
The Group assesses specifically at each
consolidated statement of financial position
date whether there is objective evidence
that a financial asset is impaired
(uncollectible).
If there is objective evidence of impairment,
timing and collectible amounts are estimated
based on historical loss data. Any allowance
for impairment is provided on accounts
specifically identified as impaired. The level
of allowance is based on past collection
experience and other factors that may affect
collectability such as the probability of
insolvency or significant financial difficulties
of the debtors or significant delay in
payments. Evaluation of receivables to
determine the total allowance to be provided
is performed periodically during the year.
Therefore, the timing and amount of any
allowance for impairment recorded at each
period might differ based on the judgments
and estimates that have been used.
d.
Lease Commitments
Finance lease commitments-Group as Lessee
lessee
The Group has entered into commercial
vehicles and equipment leases. The Group
has determined that these are finance leases
since it bears substantially all the significant
risks and benefits incidental to the
ownership of these properties.
e.
Income Taxes
Significant judgment is required in
determining the provision for income taxes.
There
are
many
transactions
and
calculations for which the ultimate tax
determination is uncertain. The Group
recognizes liabilities for anticipated tax audit
issues based on estimates of whether
additional taxes will be due. Where the final
42
December 31, 2014
tax outcome of these matters is different
from the amounts that were initially
recorded, such differences will have an
impact on the current and deferred income
tax assets and liabilities in the period in
which such determination is made.
Estimates and Assumptions
The key assumptions concerning the future
and other key sources of estimation
uncertainty at the reporting date that have a
significant risk of causing a material
adjustment to the carrying amounts of
assets and liabilities within the next financial
period are disclosed below. The Group based
its
assumptions
and
estimates
on
parameters available when the consolidated
financial statements were prepared. Existing
circumstances and assumptions about future
developments may change due to market
changes on circumstances arising beyond
the control of the Group. Such changes are
reflected in the assumptions when they
occur:
a.
Fair Value of Financial Assets and
The Indonesian Financial Accounting
Standards require measurement of
certain financial assets and liabilities at
fair values, and the disclosure requires
the use of estimates. Significant
component of fair value measurement
is determined based on verifiable
objective
evidence
(i.e.
foreign
exchange rate, interest rate), while
timing and amount of changes in fair
value might differ due to different
valuation method used.
b.
Estimated Useful Lives of Fixed Assets
The useful lives of each of the item of
Group’s fixed assets are estimated
based on the period over which the
asset is expected to be available for
use. Such estimation is based on a
collective assessment
of similar
business, internal technical evaluation
and experience with similar assets. The
estimated useful life of each asset are
Annual Report
43
December 31, 2014
reviewed periodically and updated if
expectations differ from previous
estimates due to physical wear and
tear,
technical
or
commercial
obsolescence, and legal or other limits
on the use of the asset. It is possible,
however, that future results of
operations could be materially affected
by changes in the amounts and timing
of recorded expenses brought about by
changes in the factors mentioned
above. A reduction in the estimated
useful life of any item of fixed assets
would
increase
the
recorded
depreciation and decrease the carrying
values of these assets.
There is no change in the estimated
useful lives of fixed assets during the
year.
The estimated useful lives of fixed
assets are set out in Note 2 to the
consolidated financial statements.
Goodwill
c.
goodwill
Impairment of Goodwill
For goodwill, impairment testing is
required to be performed at least
annually irrespective of whether or not
there are indications of impairment.
Determining the value in use of assets
requires the estimation of cash flows
expected to be generated from the
continued use and ultimate disposition
of such assets (UPK) and a suitable
discount rate in order to calculate the
present value.
While it is believed that the
assumptions used in the estimation of
the value in use of assets reflected in
the consolidated financial statements
are appropriate and reasonable,
significant changes in this assumptions
may materially affect the assessment of
recoverable values and any resulting
impairment loss could have a material
adverse impact on the the results of
Group’s operations.
d.
Impairment of Non-financial Assets
Impairment review is performed when
44
December 31, 2014
certain impairment indicators are
present. Determining the fair value of
assets requires the estimation of cash
flows expected to be generated from
the continued use and ultimate
disposition of such assets. Any
significant changes in the assumptions
used in determining the fair value may
materially affect the assessment of
recoverable values and any resulting
impairment loss could have a material
impact on results of operations.
e.
Deferred Tax Assets
Deferred tax assets are recognized for
all temporary differences between the
financial statements’ carrying amounts
of existing assets and liabilities and
their respective taxes bases to the
extent that it is probable that taxable
profit will be available against which
the temporary differences can be
utilized.
Significant
management
estimates are required to determine the
amount of deferred tax assets that can
be recognized, based upon the likely
timing and the level of future taxable
profits together with future tax
planning strategies.
4.
Cash
Cash on hand
Cash in bank
Rupiah
PT. Bank Central Asia Tbk
PT. Bank Mandiri (persero) Tbk
PT. Bank Rakyat Indonesia (persero) Tbk
PT. Bank Capital Indonesia Tbk
PT. Bank Pembangunan Daerah Papua
PT. Bank Permata Tbk
Total
Total
Annual Report
45
December 31, 2014
5.
Trade Accounts Receivable
The details of trade accounts receivable are as
follows:
a By Customer
Third parties
UD. Wijaya Loka
PT. Tunas Karya Gemilang
PT. Kayan Jaya Tanjung
PT. Harapan Rimba Jaya
Total
b. By Age
Not past due and
unim paired
past due not impaired
less than 30 days
31-60 days
61-90 days
Total
All trade accounts receivables are denominated
in Rupiah.
Management believes that all trade accounts
receivables are collectible, thus no allowance for
impairment was provided.
Management believes that there is no significant
concentration of credit risk on trade accounts
receivable.
6.
Other Accounts Receivable
Related parties
PT. Armada Prima Samudra
PT. Indoveneer Utama
PT. Bentara Arga Timber
PT. Asa Forestama
Total
Third parties
Employees
Others
Total
Total
46
December 31, 2014
All other accounts receivable are denominated in
Rupiah.
Management believes that all other accounts
receivable are collectible, thus no allowance for
impairment was provided.
7.
Inventories
Logs
Spareparts
Plant
Supporting materials
Total
Less allowance impairment value
Total
Inventory of plants which located in Bioplant and
Biofora divisions, both are in enclosed or open
areas at Cikupa, Tangerang and Papua.
Based on the review of the net realizable value of
inventories and physical condition of inventories
at the end of the period, the management of the
company believes that the allowances for decline
in value of inventory and inventory obsolecence
are adequote to cover possible losses arising.
The group inventory of plants and logs are not
covered by insurance against losses from fire and
other risk, as there is no insurance company that
is able to provide sufficient coverage.
8.
Advances and Prepaid Expenses
Advance
Purchase
Business traveling
Hak ulayat
Povisi fund reforestation and forest resources
Total
Prepaid expense
Insurance
Rent
Total
Total
Annual Report
47
December 31, 2014
9.
Fixed Assets
2015
January 1, 2015
48
Additions
Deductions
Reclassification
December 31, 2015
December 31, 2014
2014
January 1, 2014
Additions
Deductions
Reclassification
December 31, 2014
Depreciation expense was allocated as follows:
Cost of good sold
Infrastructure road
Total
Land with an area of 107.898,5 m2 amounted to
Rp 44,500,856,234 which located Jl. Otonom,
Pasir Gedung Village, Tangerang. The status of
land ownership in from of statement of waiver of
land/Girik are still in the process to obtain a
Building Use Right (in accordance with the
application file receipt of Landrights issued by
the National Land Agency Tangerang Regency
dated April 23, 2004).
Annual Report
49
December 31, 2014
In 2015, subsidiaries entered into sale and
leaseback agreements with PT Malaca Trust
Finance and Finance Tbk PT Batavia Prosperindo
on heavy equipment assets with an acquisition
cost of Rp 64,086,706,100.
sale and lease back
As of December 31, 2015 and 2014, fixed assets
are insured against losses from fire, theft and
other property risks as Rp 47,693,600,000 and
Rp 30.113.600.000.
Management believes that the insurance
coverages are adequate to cover possible losses
that might arise from such risks on the fixed
assets insured.
Management believes that there is no
impairment in value of the aforementioned fixed
assets as December 31, 2015 and 2014.
Goodwill
10. Goodwill
Cost
Accumulated impairment losses
Carrying amount
Changes in the accumulated impairment losses
Beginning balance
Impairment losses recognized during the year
Ending balance
goodwill
Goodwill
50
On June 25, 2013, The Company acquired
PT . Bangun Kayu Irian (Note 1). At the effective
date of the acquisition, the excess of acquisition
cost over the fair value of identifiable assets and
liabilities
acquired
amounting
to
Rp
42,373,077,428 was recorded as part of
goodwill.
On June 25, The Company acquired PT. Mitra
Pembangunan Global. At the effective date of the
acquisition, the excess of acquisition cost under
the fair value of identifiable assets and liabilities
acquired amounting to Rp 1,845,381,514.
Negative goodwillis recognizedas a gain in
income for the year.
December 31, 2014
goodwill
In 2014, management did testing for impairment
of goodwill based on an independent appraisal
report Rp 1.388.158.424. Pos gains and losses
on the impairment is included in"other gains and
losses" in the consolidated statement of
management does not undertake impairment
testing of goodwill.
11. Other Assets
Rights of forest management
Business licences fee (IUPHHK-HA)
Total
12. Account Payables
PT. Bahana Line
PT. Anugrah Sejati
TK. Citra Sakti Manunggal
PT. Kebun
PT Esa
PT. Mandala Traktor
PT. Pelumas Unggul Jaya
PT. expedisi Meyke Waladow
PT. Sarana Angkat
TK. Makmur
PT. Bumi Indah
TK. Inti
TK Indo Papua
TK. Semeru Indah
TK. Tripa
PT. Indolift Perkasa
Total
13. Bank Loans – Short term
Short term bank loans
Third parties
Rupiah
PT. Bank Mayapada International Tbk
Total
Based rapprochement No. 171/Pers/MTO/VI/2015
dated June 9, 2015 between PT. Bank Mayapada
Annual Report
51
December 31, 2014
Internasional Tbk and PT. Bangun Kayu Irian
(BKI).
Based rapprochement No. 188/Pers/MTO/VI/2015
dated June 19, 2015 between PT. Bank Mayapada
Internasional Tbk and PT. Mitra Pembangunan
Global (MPG).
14. Accrued Expenses
Wages and fees
Bank provision
Jamsostek
Rent
Telephone, electric and water
Interest
Profesional fee
Others
Total
15.
Income taxes:
article 23
article 21
Value added tax
Total
self assessment
52
The filing of tax returns is based on the Company
and its subsidiaries’ own calculation of tax
liabilities (self assessment). Based on the Third
Amendment of the General Taxation Provisions
and Procedures No. 28 Year 2007, the time limit
for the Tax Authorities to assess or amend taxes
was reduced from ten (10) to five (5) years,
December 31, 2014
subject to certain exceptions, since the tax
became payable and for year 2007 and prior
years, the time limit will end at the latest on
fiscal year 2013.
16. Advances Received
This account represents advances sale of timber
(logs) to UD Wijaya Loka in December 31, 2015
and 2014 amounted to Rp 52,966,326,774 and
Rp 26,714,421,860, respectively (Notes 30c).
logs
17. Others Payables
Third parties
Octagon Wealth Panel PTE Ltd
Syahirifudin
Total
Related parties
PT. Indo Venner Utama
PT. Armada P. Samudra
Total
Total
secured promissory note
right issue
Cessie
On June 25, 2013 The Company issuing of
promissory secured notes purchasing agreement
with Octagon PTE LTD as amount of Rp
55,980,000,000 and Mr. Syahirifudin for Rp
59,040,000,000 the length of period was for 2
(two) years from the date of issuance, and has
been extended untill will be due on June 24,
2017 the company has confirmed and agreed for
exchanged to be the Shares of the Company's in
futures in reference for the additional of the
company capital, and management will arrange
for the corporate action as soon as possible
(Notes 30e).
On June 25, 2015 carried out transfer of
receivables
agreement
(Cessie),
by
H.
Syahirifudin to Octagon Pte Ltd Wealth Panel
(OWP).
Annual Report
53
December 31, 2014
18. Bank Loans - Long term
PT. Bank Capital Indonesia Tbk
Less current maturities
Long term portion
On August 8, 2011, PT Bangun Kayu Irian obtain
credit facilities from PT Bank Capital Indonesia
Tbk, as follows:
Kredit investasi/ Investment Credit
Heavy vehicle
Type facility
Plafond
Annual Interest
Time period
Collateral
19. Finance Lease Liabilities
sale
and lease back
In 2015, its subsidiaries entered into sale and
leaseback of fixed assets with PT Malaca Trust
Finance and PT Batavia Prosperindo Finance Tbk
with a term of three (3) years with interest rate
of 9.15 % per annum.
The Company and its subsidiaries entered into
lease agreements with PT. Surya Artha
Nusantara Finance and PT. Mitsui Leasing Capital
Indonesia, third parties, for the lease of vehicles
and heavy equipment and have lease terms of
three (3) years and interest rates from 5,75% to
10,00% per annum.
The lease liabilities are secured by the related
leased assets.
payments)
54
(future minimum lease
Based on the lease agreements, the future
minimum lease payments are as follows:
December 31, 2014
Payments due in:
2015
2016
2017
2018
Total
Less interest
Present value of minimum lease
Less current portion
Long term portion
20. Capital Stock
The stockholders of the Company based on the
record of PT. Ficomindo Buana Register, the
Share Registration Bureau, follows:
Number of
Shares
/Shares
Percentage of
ownership
Par value
Shareholders
PT ASABRI (Persero)
Edi Suwarno Al Jab L Sing
Public below 5% each
Total
Number of
Shares
/Shares
Percentage of
ownership
Par value
Shareholders
Vonny Yuliana Kusuma Dewi
Dwi Nugroho
Edi Suwarno Al Jab L Sing
Public below 5% each
Total
Annual Report
55
December 31, 2014
21. Additional Paid In Capital
Additional paid in capital
Stock issuance costs
Total
Details stock issuance costs are as follows:
Cost of underwriting commisions
Cost of supporting institution and profesional
Cost of printing of registration statement
Cost of shares registration
Other
Total
22. Net Sales
Logs
Logging services
Plantation
Total
The above sales for years ended December 31,
2015 and 2014 include sales to the following
customers which represent more than 10% of
the net sales of the respective period:
Total
Percentage of
sales
Total
Percentage of
sales
Customers
Related parties;
PT. Indo Veneer Utama
Third parties
UD. Wijaya Loka
PT. Tunas Karya Gemilang
PT. Kayan Jaya Tanjung
Total
56
December 31, 2014
23. Cost of Goods Sold
Raw material used
Direct labours
Depreciation expense
Repair and maintenance expense
Total manufacturing cost
Inventories at beginning of year
Inventories at end of year
Cost of good sold
There were no purchases from an individual
supplier which represent more than 10% of
the total revenues for the year ended December
31, 2015 and 2014.
24. Operating Expenses
Selling Expenses
Shipping
Travelling
Packing and shipping
Fuel, oil and parking
Others
Total
General and Administrative Expenses
Salaries and benefit in kinds
Employee benefits
Entertainment and representation
Profesional fees
Telephone, electricity and water
Insurance
Rent
Membership
Repair and maintenance
Office supplies and printing
Taxes
Donation
Jamsostek
Permits
Office householder
Fuel, oil and parking
Advertising and promotion
Others
Total
Annual Report
57
December 31, 2014
25. Employee Benefits
The amount of post-employment benefits is
determined based on the outstanding regulation,
Law No. 13 Year 2003 dated March 25, 2003.
The latest actuarial valuation report, dated
January 29, 2016, on the employee benefits
liability was from PT. Sentra Jasa Aktuaria, an
independent actuary.
Number of eligible employees (unaudited) is 110
and 92 as of December 31, 2015 and 2014.
The details of employee benefits expense are as
follows:
The total amount recognized in statement
of comprehensive income
Current service costs
Net interest on net defined benefit
liability (asset)
Actuarial losses (gain)
Total
The Total amount recognized
in other comprehensive income
Remasurement of the net defined benefit liability (asset)
Actuarial (gains) losses from changes in
in financial assumption
Total
Movements of long-term employee benefits
liability are as follows:
Balance at the beginning of the year
Long term employee benefits
expenses during the year
The amount recognized in other comprehensive
income
Total
Long-term employee benefits expense is
presented as part of “General and administrative
expenses” in the consolidated statements of
58
December 31, 2014
Management believes that long-term employee
benefits liability as of December 31, 2015 and
2014 is in compliance with Law No. 13/2003.
The principal actuarial assumptions used in the
valuation of the long-term employee benefit
liability:
26. Income Tax
Prepaid tax
Tax expense (benefit) of the Company and its
subsidiaries consists of the following:
Company
Income article 22
Income article 23
Income article 4 (2)
Value added tax
Total
Subsidiary
Value added tax
Total
Current tax
A reconciliation between income before tax per
income and taxable income of the Company is as
follows:
Annual Report
59
December 31, 2014
Income (loss) before tax per consolidated
statements of comprehensive income
Income (loss) before tax of the subsidiaries -net
Income (loss) before tax of the company
Temporary difference
Employee benefit
Permanent difference
Representation and donation
Interest income
Income (loss) of subsidiaries
Others
Fiscal gain (loss) of the Company
Fiscal los :
Total
Tax loss carryforward at end period
Deferred tax
The details of the Company and its subsidiaries’
deferred tax assets and liabilities are as follows:
January 1, 2015
Credit (charged) to
statement of
comprehensive income
December 31, 2015
Company
Employee
Income article
benefit23
Subsidiary
Employee benefit
Total
January 1, 2014
Credit (charged) to
statement of
comprehensive income
December 31, 2014
Company
Employee
Income article
benefit23
Subsidiary
Employee benefit
Total
60
December 31, 2014
27. Earnings per Share
The calculation of earnings per share is as
follows:
Income (loss) comprehensive
Income
current
article
year23
Weighted overage number of
number of ordinary share outstanding
Earning (loss) per share
28. Nature of Relationship and Transactions with
Related Parties
Nature of Relationship
The nature of relationship and significant
transactions with related parties are as follows:
PT Indo Vener Utama is a company under
common control with shareholders.
Transactions with Related Parties
In the normal course of business, the Group has
entered into certain transactions with related
parties involving the following:
December 31, 2015
Percentage to
total liabilities
Other payable
PT. Indo
Income
Venner
article
Utama
23
Sales
December 31, 2014
Percentage to
total liabilities
Other payable
PT. Indo
Income
Venner
article
Utama
23
Sales
Annual Report
61
December 31, 2014
29. Financial Instruments
The company's policy to maintain a healty
capitals' structure in oreder to secure access to
finance at reasonable cost.
Financial
instruments
presented
in
the
statements of financial position are carried at fair
value, other wise, they are presented at carrying
amounts as either these are reasonable
approximation of fair values or their fair values
cannot be reliably measured.
The following methods and assumptions were
used to estimate the fair value of each class of
financial instrument for which it is practicable to
estimate such value:
Cash and cash equivalents, trade receivables and
other receivables.
All of the above financial assets are due within
12 months, thus the carrying values of the
financial assets approximate their fair values.
Short-term bank loans, other payables and
accrued expenses.
All of the above financial liabilities are due within
12 months, thus the carrying values of the
financial liabilities approximate their fair values.
Due to a related party
Due to a related party are carried at historical
cost because their fair values cannot be reliably
measured. It is not practical to estimate the fair
values of such assets because there are no fixed
repayment terms although these are not
expected to be settled within 12 months after the
statements of financial position.
The following table sets forth the carrying
amounts and estimated fair values of the
financial instruments of the Company that are
carried in the statements of financial position as
of December 31, 2015 and 2014:
62
December 31, 2014
December 31,
Carrying Values
Estimated Fair
Values
Carrying Values
Estimated Fair
Values
FINANCIAL ASSETS
Current Financial Assets
Cash and cash equivalents
Trade accounts receivable - third parties
Other accounts receivable- third parties
Total Financial Assets
FINANCIAL LIABILITIES
Current Financial Liabilities
Short-term bank loans
Accrued expenses
Tax Payable
Finance Lease
Total Current Financial Liabilities
Noncurrent Financial Liabilities
Long-term liabilities (current and noncurrent)
Finance lease liabilities
Other payable
Total Noncurrent Financial Liabilities
Total Financial Liabilities
30. Commitments and Agreements
On July 31, 2015 The Company has
conducted a joint operation with PT. Tunas
Karya Gemilang concerning the extension of
the period of cooperation. Accordance with
the Working Agreement Number. 001 / SPK
/ TKG / I / 2014 dated 23 January 2014. In
the period of co-operation agreements until
January 20, 2015 and may be extended by
the parties with the prior written consent of
one (1) month before the expiry of that
period.
Has done an addendum to the agreement
joint operation of timber utilization permits
(IPK KSO) with PT Tunas Karya Gemilang
2014 for cutting services logs (Log) located
in the West Kutai, East Kalimantan, KSO
agreement GPA period commencing from
the date January 21, 2014 to the date of
20 January 2015.
The parties agree that the term of this
agreement as of the date January 21, 2014
until the date of August 31, 2015 and can
only be extended by the parties with the
Annual Report
63
December 31, 2014
prior written consent of one (1) month
before the expiry of the Term.
PT Mitra Pembangunan Global a subsidiary
of PT Bumi Teknokultura Unggul Tbk, on
Monday, February 3, 2014 Date of the two
sides have agreed and agreed to hold a sale
and purchase transaction timber (Logs) with
UD Wijaya Loka (Lukman Naharto) In
accordance with the employment agreement
letter No. : 001/Dir-Btek/KY/II/2014, the
volume of roundwood / logs that have been
agreed upon by both parties is a 22,500 ±
M
-Two Thousand
Five Hundred Cubic Meters). Which is part of
the annual work plans (RKT) in 2014 which
was passed by the head of the Provincial
Forestry Office of West Papua.
The price agreed upon by both parties of
Rp 2,800,000,-/M
Wood Merbau (FOB Barge and above price
does not include the DR & PSDH). For
Merbau wood type, diameter and length
composition is allowed 50-59 cm = 10%, 60
cm Up = 90%, mechanical log length of
8 meters up.
Place of delivery is done in the Log Pond PT
Mitra Pembangunan Global in Kais, West
Papua Province. The Log Pond Kais
coordinates are as follows: 132 ° 11 '49.1
"latitude and 01 ° 52' 25.6" East. Time of
delivery or shipment must be made by the
beginning of the first party.
All departures barge to the location of the
first party (the seller) must obtain approval
and permits unloading officially in writing of
the seller, while the first party in selling logs
to the second party the legal documents, the
first party ensure that wood being sold
comes with a document-documents in
accordance with government regulations in
general and or departments of forestry in
particular. Therefore, the first frees both
parties from all claims of any party.
If the shipment exceeds 14 (Fourteen) days
then, starting today to 15 (Fifteen) The first
64
December 31, 2014
party wearing delay penalties which amount
is based on existing provisions in the
agreement
Marine
Transport
(SPAL)
between the two parties regarding Article
cruise Demurage ,
Handover of goods carried by minutes is
signed by both parties, and both parties are
willing to buy only legal timber originating or
produced from areas that have been granted
permission polling/exploitation and utilization
of timber from the government Cq.
Department of Forestry and Plantation
Republic of Indonesia who have fulfilled the
obligations upon it.In the occurrence of
extraordinary events or force majeure
(flood, earthquake, storm, mountain erupts,
Landslide,
Epidemic,
Typhoon,
War,
Rebellion, Riot, Riot, Revolution, strikes and
Disorders-interference) are undesirable and
can not be avoided by the first and second
sides, then both parties agree to revisit this
agreement.
PT Bangun Kayu Irian subsidiaries of PT
Bumi Teknokultura Unggul Tbk, on Monday
Date December 22, 2014 both parties have
agreed and agreed to hold the buying and
selling of timber (Logs) with UD Wijaya Loka
(Lukman Naharto) In accordance with the
letters of intent Numbers 001/DirBKI/KY/XII/2014, the volume of timber/logs
that have been agreed by both parties is a
25,000 ± M
thousand cubic meters). Which is part of the
framework of the annual in 2014 which was
passed by the head of the Provincial
Forestry Office of West Papua.
The price agreed upon by both parties of Rp
3.000.000,-/M
Wood Merbau (The above price FOB Barge
and exclude DR & PSDH, and do not include
VAT 10%). For Merbau wood type, diameter
and length composition are allowed is 50-59
cm = 10%, 60 cm Up = 90%, mechanical
log length of 8 meters up.
Annual Report
65
December 31, 2014
All departures barge to the location of the
first party (the seller) must obtain approval
and permits unloading officially in writing of
the seller, as for the first party in selling logs
to the two legal documents, the first party
ensure that the timber sold are equipped
with document - documents in accordance
with government regulations in general and
or the forestry department in particular.
Therefore, the first frees both parties from
all claims of any party.
If the shipment exceeds 14 (Fourteen) days
then, as of day 15 (Fifteen) The first party in
wear sanctions delay magnitude based on
existing provisions in the agreement Sea
Transport (SPAL) between the second party
with the shipping regarding Article
Demurage.
The total value of the contract volume of
25,000 ± M
- in
which payments will be made as follows:
a. Down Payment (DP) 45% of the volume of
± 25,000 M
-.
The rest of the payment referred to in letter
(a) shall be paid by the second party by
way of a payment of 55% of the timber is
ready fit.
If until the date of January 30, 2016, was
the first party has not been able to do the
actual shipment, it will incur a penalty of 1%
per month calculated based Down payment
(DP) has been paid by both parties.
Financing
facility
agreement
(the
"Agreement") is made in Jakarta, on
Thursday, June 25, 2015, By Ari Sutanto in
this case acting in his capacity as President
Director of PT. Bumi Teknokultura Unggul
Tbk., PT. Bangun Kayu Irian, PT. Mitra
Pembangunan Global, the whole is a limited
liability company incorporated under the
laws of the Republic of Indonesia and
domiciled in Jakarta (Here in after referred
to as "BTEK GROUP"), from and therefore a
legitimate act on behalf BTEK GROUP (here
in after referred to as "the First Party). And
66
December 31, 2014
Volker Lange, Germany citizen, in this case
acting in his capacity as director Octagon
Wealth Panel Pte Ltd, (Here in after
referred to as "the Second Party").
First party and the second party are jointly
referred to as "the Parties", that the first
party is a group company engaged in the
forestry sector that is growing rapidly and is
expanding in doing business in the field of
forestry. The second party that has
provided the facility since the year 2013 to
the first party of up to a maximum of Rp
400,000,000,000, - (four hundred billion
rupiahs), to guarantee the repayment of
funding facilities that have been used by
the first party, the first party has issued
promissory notes berjamin (secured
promissory note) with a nominal value of
Rp 10,980,000,000, - (ten billion nine
hundred eighty million rupiah) Number: C
0002 dated June 25, 2013 and berjamin
promissory notes (secured promissory note)
with a nominal value of Rp 45,000,000,000,
- (forty five billion rupiah) Number: C 0003
dated June 25, 2013 to the second party.
That SSB C-0002 and C-0003 SSB who has
published the first party to the second party
was due on June 24, 2015.
With the written consent of the parties, the
time periods in accordance with the terms
and provisions of the above can be
extended. By paying attention to the terms
and provisions of this agreement, the parties
agree that the period of funding facilities are
up to the date of December 31, 2018.
(Cessie),
On June 25, 2015 carried out transfer of
receivables agreement (Cessie), by H.
Syahirifudin with Octagon Pte Ltd Wealth
Panel (OWP).
H. Syahirifudin have bills/debts of Rp. 59.04
billion, - PT. Earth Teknokultura Unggul Tbk.
Based on Secured Promissory Note
No. C 0001 dated June 25, 2013 issued by
Annual Report
67
December 31, 2014
the Company and will mature on June 24,
2015 (hereinafter referred to as the
Promissory Note). H. Syahirifudin that intend
to transfer the right to collect/receivable
from the Company to fit the size of the bill
OWP/receivable.
Based on the above matters, H. Syahirifudin
agreed
to
transfer
the
right
to
collect/receivable to the Company to OWP
on June 25, 2015. OWP agreed to accept
the transfer of rights Syahirifudin H.
receivable/accounts in accordance with the
terms and conditions listed and will due on
June 24, 2017.
This Agreement is governed and construed
in accordance with the laws of the Republic
of Indonesia. Any disputes, conflicts, and
conflicts between the parties with respect to
the implementation of this agreement, as
much as possible be settled amicably to
reach an agreement, this agreement should
not be amended, unless approved in writing
by the parties.
31. Segment Information
Primary Segments
Operating segments are reported in accordance
with the internal reporting provided to the chief
operating decision maker, which is responsible
for allocating resources to the reportable
segments and assesses its performance. The
Group has two (2) reportable segments, namely;
plantation and manufacturing.
68
December 31, 2014
December 31, 2015
December 31, 2014
Revenue
Income articleLogs
23
Plantation
Logging
Sub total
Cost of Good Sold
Income articleLogs
23
Plantation
Logging
Sub total
Gross Profit
Income articleLogs
23
Plantation
Logging
Total
* Segment assets exclude deferred tax assets
and prepaid taxes while segment liabilities
exclude taxes payable and deferred tax
liabilities.
Inter-segment sales are based on the agreement
of both parties.
Geographical Segments
The geographical segment of the Group was not
presented because all of its business activities
are located in Papua.
32. The Company’s Going Concern and Management
Plans
During 2015 and 2014, the Company continues
to focus on efforts to diversify its strategy
searching for potential business opportunities,
increasing its revenue and operating efficiencies
to reduce its deficit. As of December 31, 2015
and 2014, the Company's deficit amounted to
Rp 44.948.292.672 dan Rp 45,479,676,332
respectively.
Furthermore, the Company have implemented
and will continue to implement the following:
a.
undertake acquisitions and/or investment in
companies which have similar business with
the Company, Forest Conncession Rights,
Annual Report
69
December 31, 2014
Planting Forest Industry, Plywood Industry,
etc.;
Plywood
b.
c.
obtain strategic investor;
rights issue for additional capital;
d.
undertake cost efficiency program through
employee development program to enhance
staff’s or eployees capability in controlling
the operations of the Company; and
diversification strategy in the search for
potential business opportunities (such as:
producing and/or trading of plywood,
planting
forest
industry,
shipping,
transportation, etc ).
plywood
Management of the Company believes that the
above mentioned plan will be effectively
managed and improved the conditional of the
Company. The Company's ability is to continue
its going concerns dependent on the
continuation support from the Shareholders and
Creditors.
33. First Time Implementation Of PSAK 24 (Revised
2013)
Starting January 1, 2015, the Company adopted
PSAK No. 24 (Revised 2013), “Employee
Benefits”, which regulates accounting treatment
and disclosure employee benefit.
The effect of transition adjustments of
No. 24 (Revised 2013) are as follows:
PSAK
January 1, 2014/December 31, 2013
Before adjusted
As adjusted
Adjusment of first
implementation of SFAS
24 (Revised 2013)
LIABILITIES
Liability for post-employment benefit
EQUITY
Actuarial loss
70
December 31, 2014
December 31, 2014
Before adjusted
As adjusted
Adjusment of first
24 (Revised 2013)
LIABILITIES
EQUITY
Actuarial loss
December 31, 2015
Before adjusted
As adjusted
Adjusment of first
24 (Revised 2013)
LIABILITIES
EQUITY
Actuarial gain
34. Reclassification Of Accounts
Certain accounts in the 2014 financial
statements have been reclassified to conform
with the presentation of accounts for the years
ended December 31, 2015 of financial
statement is as follows:
As
Previously Reported
As
Currently Reported
Other assets
Infrastructure road
Pra operation
Fixed assets
Construction on progress
Infrastructure road
Annual Report
71
December 31, 2014
35. Information on New Regulation
The Indonesian Institute of Accountants has
issued the following amended Statements of
Financial Accounting Standards (PSAKs) and
new Interpretations of Financial Accounting
Standards (ISAKs) which will be effective for
annual period beginning January 1, 2016,
except for Amendment to PSAK No. 1 and ISAK
No. 31 which will be effective on January 1,
2017:
PSAK
PSAK No. 1, Presentation of
Statements: Disclosure Initiative
Financial
PSAK No. 16, Fixed Assets regarding
Clarification of Acceptable Methods of
Depreciation and Amortization
PSAK No. 19, Intangible Assets regarding
Clarification of Acceptable Methods of
Depreciation and Amortization
PSAK No. 24, Employee Benefits regarding
Defined-Benefit Plans: Employee Contributions
PSAK No. 66, Joint Arrangements regarding
Accounting for Acquisitions of Interests in Joint
Operations
ISAK
ISAK No. 30, Levies
ISAK No, 31, Interpretation of Framework of
PSAK No. 13, Investment Properties
The Company is still evaluating the effect of
these PSAKs and ISAKs and has not yet
determined the related effects on the financial
statements.
72

Here - PT. Bumi Teknokultura Unggul Tbk

Transcription

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